The Federal Government has welcomed the International Monetary Fund, IMF’s 2026 Article IV Mission Concluding Statement on Nigeria, describing it as an independent validation of the economic reforms being implemented under President Bola Tinubu’s administration.
In a statement on Tuesday in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the IMF’s positive assessment affirmed that the government’s economic reforms were strengthening macroeconomic stability, restoring investor confidence and laying the foundation for sustainable growth.
According to the minister, the IMF noted that reforms introduced over the past three years had improved macroeconomic outcomes and enhanced Nigeria’s resilience to external shocks.
He said the Fund specifically highlighted improvements in the foreign exchange market, stronger external reserves, ongoing fiscal and revenue reforms, resilience in the banking sector and growing macroeconomic stability.
“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 stated.
The minister noted that the IMF acknowledged the impact of key policy decisions, including the removal of fuel subsidy, liberalisation of the foreign exchange market, elimination of deficit monetisation and efforts to strengthen fiscal discipline.
He said the Fund recognised that these measures had significantly reduced economic vulnerabilities and positioned Nigeria to better withstand global economic uncertainties.
Oyedele also referenced the recent Middle East conflict, which has triggered higher global energy prices, rising food costs and tighter financial conditions, noting that despite these challenges, Nigeria had demonstrated resilience.
He said the IMF observed that the country’s foreign exchange parallel market premium remained below five per cent, while sovereign spreads had remained broadly stable, indicating sustained investor confidence.
According to him, Nigeria is well placed to benefit from rising global energy prices through increased export earnings, stronger fiscal revenues and higher foreign exchange inflows.
The minister said the government would continue efforts to boost crude oil production, expand domestic refining capacity, increase gas production and exports, and attract fresh investments into the energy sector.
On poverty and food insecurity, Oyedele acknowledged the IMF’s concerns, saying the government remained committed to ensuring that economic growth translates into tangible improvements in citizens’ welfare.
He disclosed that per capita income grew by nearly 10 per cent in 2025, indicating progress in reducing poverty levels, but stressed that more work remained to be done.
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The minister said government was strengthening social intervention programmes, including direct cash transfers to vulnerable households, support for small businesses, the Nigerian Education Loan Fund (NELFUND), consumer credit initiatives and healthcare investments.
In the agricultural sector, he said the administration was scaling up investments through the Renewed Hope National Agricultural Mechanisation Programme and other initiatives aimed at boosting productivity, expanding irrigation, improving access to financing and strengthening food security.
Oyedele further welcomed the IMF’s recognition of ongoing reforms in domestic revenue mobilisation and public financial management.
He said implementation of the new tax laws, digitisation of revenue collection processes and improved transparency in public finance management would further strengthen fiscal sustainability.
The minister added that government was already taking steps to address the IMF’s recommendations on fiscal reporting, budget transparency and data reconciliation by enhancing coordination among relevant institutions and improving fiscal reporting systems.
He expressed optimism over the IMF’s medium-term outlook for Nigeria, which projects economic growth above four per cent, improving external reserves, rising investment and stronger fiscal revenues.
According to him, recent sovereign credit rating upgrades and declining public debt relative to GDP also reflect the positive impact of the government’s reform agenda.
Reaffirming the administration’s commitment to economic transformation, Oyedele said government would continue to pursue policies that promote private sector growth, attract investments, improve infrastructure and create jobs.
“While challenges remain, the direction is clear and the foundations are stronger. The ultimate objective of these reforms is not merely improved economic indicators, but better outcomes for all Nigerians — lower inflation, decent jobs, higher incomes, greater economic opportunity and a better quality of life,” he stated.
