The Minister of Finance, Taiwo Oyedele, has described the International Monetary Fund’s (IMF) report on Nigeria’s economy as a further validation that the economic reforms undertaken by President Bola Tinubu are strengthening macroeconomic stability, restoring confidence, and laying the foundation for sustainable and inclusive growth.
NPO Reported that the IMF had in its 2026 Article IV Mission Concluding Statement on Nigeria hailed the economic reform programme introduced in the country, stressing that it had over the past three years have strengthened macroeconomic stability and improved resilience.
The Fund reported that Nigeria’s gross international reserves rose to 46 billion dollars in 2025, up from 40 billion dollars at the end of 2024.
According to the IMF, the improvement was supported by a current account surplus, non-resident purchases of Central Bank open market instruments, and a successful Eurobond issuance.
The institution also disclosed that net international reserves increased significantly to 35 billion dollars at the end of 2025 from 23 billion dollars a year earlier.
Reacting in a statement issued on his official X handle on Tuesday, Oyedele declared the report a welcome development.
He said the report proved that Nigeria is moving in the right direction.
“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.” Oyedele wrote.
Further reflecting on the content of the publication, the finance minister said the report noted 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 percent, sovereign spreads have remained broadly stable, and investor confidence has been preserved.” He said.
Oyedele affirmed the IMF’s claim that Nigeria is well positioned to benefit from higher energy prices through stronger export earnings, improved fiscal revenues, and increased foreign exchange inflows.
He expressed the Federal Government’s readiness to capitalise on the opportunities.
“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.” Oyedele said.
The FG, according to him, also acknowledged the IMF’s observation that poverty and food insecurity remain significant challenges.
“While progress is being made in terms of per capita income growing by nearly 10 percent in 2025 indicating 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.” He said.
On domestic revenue mobilisation and public financial management reforms, Oyedele said the Federal Government also welcomed the IMF’s recognition of the progress being made under the sectors.
He attributed the success to the new tax laws while noting the Fund’s recommendations regarding fiscal reporting, budget transparency., and data reconciliation.
“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.
“The report’s medium-term outlook reinforces confidence in Nigeria’s economic prospects.” The minister said.
Oydele also affirmed the IMF’s projection of continued economic growth above four percent, 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 minister noted.
He reaffirmed the FG’s commitment to maintaining economic stability and pursuing policies that will improve the competitiveness of the Nigerian economy.
“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 job creation.
“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 every Nigerian – lower inflation, decent jobs, higher incomes, greater economic opportunity, and a better quality of life.” He added.