The Minister of Finance, Mr Taiwo Oyedele, has endorsed the 2026 Article IV Mission Concluding Statement on Nigeria by the International Monetary Fund (IMF), saying the report provides further independent validation that the bold and necessary reforms undertaken under the leadership of President Bola Tinubu are strengthening macroeconomic stability.
He noted the IMF’s overall positive assessment of the country’s economic reform programme, which projected 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.
According to Mr 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.”
Mr 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.
“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,” he said.