The Federal Government has welcomed the 2026 Article IV Mission Concluding Statement released by the International Monetary Fund (IMF), describing it as an independent validation of the economic reforms implemented under the administration of President Bola Ahmed Tinubu.
In a statement issued by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, the government said the IMF’s assessment confirmed that recent policy measures were strengthening macroeconomic stability, restoring investor confidence, and laying the groundwork for sustainable and inclusive economic growth.
According to the IMF, reforms introduced over the past two and a half years have improved Nigeria’s macroeconomic performance and enhanced the country’s ability to withstand external shocks. The Fund highlighted progress in foreign exchange market operations, stronger external reserves, fiscal and revenue reforms, banking sector resilience, and overall macroeconomic stability.
The government noted that the IMF acknowledged the impact of key policy decisions, including the removal of fuel subsidies, the end of deficit monetisation, foreign exchange market liberalisation, and efforts to improve fiscal discipline. These measures, the Fund said, have helped reduce economic vulnerabilities and rebuild confidence in the Nigerian economy.
The IMF also observed that Nigeria now faces global economic uncertainties with stronger policy frameworks and buffers than in previous years.
Commenting on the recent conflict in the Middle East, which has triggered higher energy prices, increased food costs, tighter financial conditions, and disruptions to global supply chains, the government said the IMF recognised Nigeria’s resilience despite mounting external pressures.
The report noted that the foreign exchange parallel market premium remained below five percent, sovereign spreads stayed broadly stable, and investor confidence was maintained despite rising global energy prices.
The IMF further stated that Nigeria is positioned to benefit from higher oil prices through increased export earnings, improved government revenues, and stronger foreign exchange inflows.
The Federal Government said it remains focused on maximising these opportunities by boosting crude oil production, expanding domestic refining capacity, increasing gas production and exports, and attracting investments across the energy sector.
While acknowledging the IMF’s concerns about poverty and food insecurity, the government said progress was being recorded, citing nearly 10 percent growth in per capita income in 2025 as evidence of declining poverty levels. However, it stressed that macroeconomic stability alone was insufficient and that economic growth must translate into improved living standards for citizens.
To address these challenges, the government said it is expanding targeted social intervention programmes, including direct cash transfers to vulnerable households, support for small businesses, student loans through the Nigerian Education Loan Fund (NELFUND), consumer credit initiatives, healthcare investments, and livelihood support schemes.
In the agricultural sector, the government disclosed that investments are being scaled up through the Renewed Hope National Agricultural Mechanisation Programme and other initiatives aimed at increasing productivity, expanding irrigation and dry-season farming, improving access to inputs and financing, strengthening agricultural value chains, and enhancing food security.
The government also welcomed the IMF’s recognition of ongoing efforts to improve domestic revenue mobilisation and public financial management. It said the implementation of new tax laws, revenue collection digitisation, improved transparency, and stronger accountability measures would further support fiscal sustainability.
Responding to IMF recommendations on fiscal reporting and budget transparency, the government stated that measures were already being implemented to improve fiscal data integrity, strengthen institutional coordination, enhance budget execution transparency, and align economic statistics with international standards.
Looking ahead, the IMF projected continued economic growth of more than four percent over the medium term, alongside stronger external reserves, increased investment inflows, and improved fiscal revenues.
The government noted that public debt had already declined relative to Gross Domestic Product (GDP), while reserve buffers had strengthened significantly. It added that these developments, together with recent sovereign credit rating upgrades, reflected the growing resilience of the Nigerian economy.
Reaffirming its commitment to economic reform, the Federal Government said it would continue to pursue policies aimed at maintaining macroeconomic stability, promoting inclusive growth, improving the investment climate, expanding infrastructure, strengthening human capital development, and creating jobs.
“While challenges remain, the direction is clear and the foundations are stronger,” the statement said, adding that the ultimate goal of the reforms is to deliver lower inflation, higher incomes, increased economic opportunities, and improved quality of life for Nigerians.
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