The Federal Government has reaffirmed its commitment to sustaining the reform momentum that is stabilising Nigeria’s economy.

While welcoming the publication of the International Monetary Fund (IMF) 2026 Article IV Mission Concluding Statement on Nigeria, the Federal Government commended the Fund’s overall positive assessment of the country’s economic reform programme.

According to a statement posted on the X handle of the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, and signed by the minister, the report provides further independent validation that the 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.

“The IMF observed that reforms implemented over the past two and a half years have yielded improved macroeconomic outcomes and enhanced Nigeria’s resilience to external shocks,” the statement read.

“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.”

Furthermore, the statement said the government was encouraged by the IMF’s recognition that 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. 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. 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.”

Oyedele, according to the statement, reiterated 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.

The government acknowledged the IMF’s observation that poverty and food insecurity remain significant challenges, noting that while progress is being made with per capita income growing by nearly 10 per cent in 2025, macroeconomic stability alone is not sufficient.

“Economic growth must be inclusive and must translate into tangible improvements in the welfare of Nigerians,” the statement said.

Accordingly, the government said it is strengthening 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 other interventions aimed at improving livelihoods.

In agriculture, the government is scaling up investments through the Renewed Hope National Agricultural Mechanisation Programme and other initiatives aimed at improving productivity, expanding irrigation and dry-season farming, enhancing access to inputs and financing, strengthening value chains and improving food security.

Oyedele said the Federal Government also welcomed the IMF’s recognition of progress in domestic revenue mobilisation and public financial management reforms.

“The successful implementation of Nigeria’s new tax laws, 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,” he said.

He added that steps are being taken to strengthen fiscal data integrity, improve coordination among institutions, enhance transparency in budget execution and deepen public financial management reforms, while improving fiscal reporting systems to meet international standards.

The report’s medium-term outlook, according to the statement, reinforces confidence in Nigeria’s economic prospects, with the IMF projecting continued growth above four per cent, improving external reserves, rising investment and strengthening fiscal revenues.

Public debt has declined relative to GDP, while reserve buffers have strengthened, outcomes which complement recent sovereign credit rating upgrades and reflect growing economic resilience.

The Federal Government reiterated its commitment to maintaining macroeconomic stability, accelerating inclusive growth, strengthening fiscal discipline, deepening structural reforms, improving the investment climate, expanding infrastructure, enhancing human capital development and driving job creation.

It added that while challenges remain, the direction is clear, and the ultimate objective of the reforms is improved welfare for Nigerians, including lower inflation, decent jobs, higher incomes and better quality of life.

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