FG Hails IMF’s Endorsement Of Economic Reforms ‎

‎The Federal Government has welcomed the International Monetary Fund’s, IMF’s, positive assessment of Nigeria’s economy, saying the report validates ongoing reforms aimed at restoring macroeconomic stability, strengthening investor confidence and laying the foundation for sustainable growth.
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‎In a statement issued in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, said the IMF’s 2026 Article IV Mission Concluding Statement acknowledged significant improvements in Nigeria’s economic fundamentals following key policy reforms implemented over the past three years.
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‎According to the Minister, the IMF highlighted gains in foreign exchange market operations, stronger external reserves, fiscal and revenue reforms, banking sector resilience and improved macroeconomic stability.

He noted that these developments have enhanced Nigeria’s capacity to withstand external shocks and positioned the economy on a more sustainable path.
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‎Oyedele said the Fund specifically recognised the impact of major reforms, including the removal of fuel subsidies, the end of deficit monetisation, foreign exchange market liberalisation and efforts to strengthen fiscal discipline.

These measures, he said, have reduced vulnerabilities and rebuilt confidence in the Nigerian economy.
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‎Commenting on recent global economic developments, the Finance chief noted that the conflict in the Middle East has increased inflationary pressures through rising energy and food prices as well as disruptions to global supply chains. However, he said the IMF acknowledged Nigeria’s resilience, citing a stable foreign exchange market, relatively steady sovereign spreads and sustained investor confidence despite heightened global uncertainties.
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‎Oyedele further noted that Nigeria stands to benefit from higher global energy prices through increased export earnings, stronger fiscal revenues and improved foreign exchange inflows.

To maximise these opportunities, the government said it is focused on boosting crude oil production, expanding domestic refining capacity, increasing gas production and attracting investments across the energy value chain.
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‎While acknowledging the IMF’s concerns over poverty and food insecurity, the Minister said the Federal Government remains committed to ensuring that economic growth translates into improved living standards for citizens. He highlighted ongoing interventions such as direct cash transfers, support for small businesses, student loans through the Nigerian Education Loan Fund, NELFUND, consumer credit programmes, healthcare investments and agricultural initiatives designed to improve food security and rural incomes.
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‎The Finance Ministry also welcomed the IMF’s recognition of progress in domestic revenue mobilisation and public financial management reforms, including the implementation of new tax laws and the digitisation of revenue collection processes.

It reaffirmed its commitment to sustaining fiscal discipline, deepening structural reforms, improving the investment climate and creating jobs, stressing that the ultimate goal of the reforms is to deliver lower inflation, higher incomes and better living conditions for all Nigerians.
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PR/‎Umbwanko Baba
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