The Federal Government has welcomed the International Monetary Fund’s latest assessment of Nigeria’s economy, describing it as a confirmation that ongoing reforms under President Bola Tinubu are yielding results.
In a statement issued in Abuja, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the IMF’s 2026 Article IV report highlighted progress in stabilising the economy and strengthening its ability to withstand external shocks.
He noted that the report pointed to improvements in the foreign exchange market, stronger external reserves, banking sector stability, fiscal reforms, and overall macroeconomic performance over the past few years.
“The report provides further independent validation that the bold and necessary reforms undertaken under the leadership of President Bola Ahmed Tinubu are strengthening macroeconomic stability, restoring confidence and laying the foundation for sustainable and inclusive growth,” Oyedele said.
He added that the IMF acknowledged key policy decisions such as subsidy removal, the end of deficit financing through monetary expansion, foreign exchange adjustments, and tighter fiscal management.
“The report notes that Nigeria now faces global shocks with stronger policy frameworks and buffers than before,” he stated.
According to him, despite global economic uncertainties and rising inflationary pressures linked to geopolitical tensions, Nigeria has remained relatively resilient.
He also explained that higher global oil prices could benefit the country by boosting export earnings, government revenue, and foreign exchange inflows.
Oyedele said the government is working to maximise these opportunities through increased oil production, expansion of local refining capacity, higher gas exports, and efforts to attract more investment into the energy sector.
While acknowledging concerns raised by the IMF on poverty and food insecurity, he said the administration remains committed to ensuring that economic reforms translate into better living conditions for citizens.
He listed ongoing interventions such as cash transfer programmes, support for small businesses, student loans, consumer credit schemes, and healthcare investments aimed at cushioning economic pressures.
He stressed that economic stability alone is not sufficient, adding that growth must be inclusive and improve the welfare of Nigerians.
The minister also highlighted reforms in agriculture aimed at boosting food production, improving irrigation systems, strengthening value chains, and creating rural employment.
On public finance, he said the IMF recognised progress in revenue generation, tax reforms, digitalisation of collection processes, and improved transparency in government spending.
He added that efforts were ongoing to strengthen fiscal reporting and coordination among institutions in line with IMF recommendations.
Oyedele expressed optimism about Nigeria’s medium-term outlook, citing expected economic growth above four per cent, stronger revenues, increased investment inflows, and improved external reserves.
He concluded that while challenges remain, the direction of reforms is focused on stabilising the economy and improving outcomes such as job creation, higher incomes, lower inflation, and better living standards for Nigerians.