The Federal Government has endorsed the International Monetary Fund’s (IMF) latest assessment of Nigeria’s economy, describing it as a validation of ongoing economic reforms and reaffirming its commitment to sustaining the reform agenda.
Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, stated the government’s position on Tuesday through his official X account.
According to Oyedele, the government is encouraged by the IMF’s acknowledgement that difficult but necessary policy decisions—including the removal of fuel subsidies, the end of deficit monetisation, foreign exchange market liberalisation, and strengthened fiscal discipline—have played a significant role in reducing economic vulnerabilities and restoring investor confidence.
The IMF, in its 2026 Article IV Consultation report released on Tuesday, noted that while Nigeria continues to face challenges such as poverty, food insecurity, and fiscal transparency concerns, recent reforms have improved macroeconomic stability and strengthened the country’s resilience to external shocks.
The Fund reported that poverty affects about 63 per cent of Nigerians based on the national poverty line, while an estimated 27 million people experienced food insecurity in the latter part of 2025.
Despite these concerns, the IMF projected continued economic expansion, forecasting growth of 4.0 per cent in 2025 and 4.1 per cent in 2026. It also highlighted improvements in foreign exchange market operations, stronger external reserves, ongoing fiscal and revenue reforms, banking sector resilience, and enhanced macroeconomic stability.
Reacting to the report, Oyedele said the IMF’s assessment confirms that Nigeria is on the right path and is better positioned to withstand global economic uncertainties than it has been in recent years.
“The Government is particularly encouraged by the IMF’s recognition that the difficult but necessary decisions to end fuel subsidies, eliminate deficit monetisation, liberalise the foreign exchange market, and strengthen fiscal discipline have contributed significantly to reducing vulnerabilities and rebuilding confidence in the economy,” he said.
He added that the government remains focused on converting the gains of reform into long-term economic benefits by increasing crude oil production, expanding domestic refining capacity, boosting gas production and exports, and attracting fresh investments across the energy value chain.
Addressing the IMF’s concerns about poverty and food insecurity, Oyedele stressed that the government would continue to strengthen targeted social intervention programmes.
“The Government acknowledges the IMF’s observation that poverty and food insecurity remain significant challenges.
“While progress is being made, with per capita income growing by nearly 10 per cent in 2025, indicating a reduction in poverty levels, we recognise that macroeconomic stability alone is not enough.
“Economic growth must be inclusive and translate into meaningful improvements in the lives of Nigerians,” he said.
He noted that ongoing interventions include direct cash transfers to vulnerable households, support for small businesses, student loans through the Nigerian Education Loan Fund (NELFUND), consumer credit schemes, healthcare investments, and programmes aimed at expanding economic opportunities.
Oyedele reaffirmed the government’s commitment to maintaining macroeconomic stability, deepening structural reforms, strengthening fiscal discipline, improving the investment climate, expanding infrastructure, enhancing human capital development, and creating jobs to drive inclusive growth.
