By Abiodun Folarin
WrldStage– The Federal Government has endorsed the 2026 Article IV Mission Concluding Statement on Nigeria by the International Monetary Fund (IMF), noting its overall positive assessment of the country’s economic reform programme.
In its 2026 Article IV Mission, the IMF commended Nigeria’s economic reforms over the past three years, saying they have strengthened macroeconomic stability and resilience while projecting economic growth of 4.1 per cent in 2026 despite persistent poverty, food insecurity, and renewed inflationary pressures arising from rising global fuel and food prices.
The Fund said that although the reforms have delivered improved macroeconomic outcomes, conditions remain difficult for many Nigerians. According to the IMF, poverty reached 63 per cent based on the national poverty line, while an estimated 27 million Nigerians faced food insecurity in late 2025.
In a statement on Tuesday, the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, said 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.
According to Oyedele, the IMF observed that reforms implemented over the past three years have yielded improved macroeconomic outcomes and enhanced Nigeria’s resilience to external shocks.
He said the Fund specifically highlighted improvements in foreign exchange market functioning, stronger external buffers, ongoing fiscal and revenue reforms, banking sector resilience, and growing macroeconomic stability.
“These developments affirm that Nigeria is moving in the right direction and is better positioned to withstand global economic uncertainties than at any time 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. The report notes that Nigeria now faces global shocks with stronger policy frameworks and buffers than before.”
Oyedele said the recent conflict in the Middle East has created new challenges for economies around the world through higher energy prices, rising food costs, tighter financial conditions, and disruptions to global supply chains. While these developments present inflationary pressures, the IMF acknowledged that Nigeria has demonstrated notable resilience.
He added that despite significant increases in global energy prices, the foreign exchange parallel market premium has remained below five per cent, sovereign spreads have remained broadly stable, and investor confidence has been preserved.
“The IMF further noted that Nigeria is well positioned to benefit from higher energy prices through stronger export earnings, improved fiscal revenues, and increased foreign exchange inflows.”
The minister explained that the Federal Government remains focused on translating these opportunities into long-term gains by increasing crude oil production, expanding domestic refining capacity, growing gas production and exports, and attracting new investments across the energy value chain.
He said: “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 marked reduction in poverty levels, we are mindful that macroeconomic stability, while necessary, is not sufficient on its own. Economic growth must be inclusive and must translate into tangible improvements in the welfare of Nigerians.
“Accordingly, the Government continues to strengthen targeted social protection programmes, including direct cash transfers to vulnerable households, support for small businesses, student financing through the Nigerian Education Loan Fund(NELFUND), consumer credit initiatives, healthcare investments, and interventions aimed at improving livelihoods and expanding economic opportunities.
“In agriculture, the Government is scaling up investments through the Renewed Hope National Agricultural Mechanisation Programme and other initiatives designed to improve productivity, expand irrigation and dry-season farming, enhance access to inputs and financing, strengthen value chains, and improve food security. These efforts are aimed at moderating food inflation while creating jobs and raising rural incomes.
“The Federal Government also welcomes the IMF’s recognition of the progress being made in domestic revenue mobilisation and public financial management reforms. The successful implementation of Nigeria’s new tax laws, the digitisation of revenue collection processes, improved transparency in public finance, and enhanced accountability mechanisms will continue to strengthen fiscal sustainability while ensuring a fairer and more efficient tax system.
“We note the IMF’s recommendations regarding fiscal reporting, budget transparency, and data reconciliation. The Government is already taking steps to strengthen fiscal data integrity, improve coordination among relevant institutions, enhance transparency in budget execution, and deepen public financial management reforms. Efforts are ongoing to improve fiscal reporting systems and ensure that economic and fiscal statistics continue to meet the highest international standards.”
Oyedele said the report’s medium-term outlook reinforces confidence in Nigeria’s economic prospects.
According to him, the IMF projects continued economic growth above four per cent, improving external reserves, rising investment, and strengthening fiscal revenues over the medium term. Public debt has already declined relative to GDP, while reserve buffers have strengthened considerably.
“These outcomes, which complement recent sovereign credit rating upgrades by leading international rating agencies, reflect the growing resilience of the Nigerian economy and the positive impact of ongoing reforms.
“The Federal Government remains firmly committed to maintaining macroeconomic stability, accelerating inclusive growth, strengthening fiscal discipline, deepening structural reforms, improving the investment climate, expanding infrastructure, enhancing human capital development, and creating jobs. We will continue to pursue policies that support private sector growth, attract domestic and foreign investment, and improve the competitiveness of the Nigerian economy.
“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.”
