The Federal Government has welcomed the International Monetary Fund’s (IMF) 2026 Article IV Mission Concluding Statement, describing it as an independent validation of the success of President Bola Ahmed Tinubu’s economic reform programme.

In a statement, the government noted the IMF’s overall positive assessment, saying the Fund’s observations confirm that the bold reforms implemented over the past three years are strengthening macroeconomic stability, restoring investor confidence, and laying a solid foundation for sustainable and inclusive growth.

The IMF highlighted several key achievements, including improved functioning of the foreign exchange market, stronger external buffers, ongoing fiscal and revenue reforms, and resilience in the banking sector. These developments, the government said, have enhanced Nigeria’s ability to withstand external shocks compared to recent years.

Particular emphasis was placed on the impact of major policy decisions such as the removal of fuel subsidies, the end of deficit monetisation, the liberalisation of the foreign exchange market, and strengthened fiscal discipline. According to the statement, these measures have significantly reduced economic vulnerabilities and rebuilt confidence.

Despite new global challenges arising from the Middle East conflict — including higher energy and food prices, tighter financial conditions, and supply chain disruptions — the IMF acknowledged Nigeria’s notable resilience. The parallel market premium has remained below five percent, sovereign spreads have stayed broadly stable, and investor confidence has been preserved.

The Fund also noted that Nigeria is well positioned to benefit from elevated energy prices through increased export earnings, improved fiscal revenues, and higher foreign exchange inflows. The government said it will focus on translating these opportunities into lasting gains by ramping up crude oil production, expanding domestic refining capacity, boosting gas production and exports, and attracting fresh investments across the energy sector.

Addressing Poverty and Food Insecurity

The government acknowledged the IMF’s observation that poverty and food insecurity remain pressing challenges. While per capita income grew by nearly 10 percent in 2025, indicating a marked reduction in poverty levels, authorities stressed that macroeconomic stability alone is not enough.

To ensure inclusive growth, the government is strengthening social protection programmes, including direct cash transfers to vulnerable households, support for small businesses, student loans through NELFUND, consumer credit schemes, and healthcare investments.

In the agricultural sector, efforts are being scaled up through the Renewed Hope National Agricultural Mechanisation Programme and other initiatives aimed at boosting productivity, expanding irrigation, improving access to inputs and financing, and strengthening food security.

The government also welcomed the IMF’s recognition of progress in domestic revenue mobilisation and public financial management. It pledged to continue implementing new tax laws, digitising revenue collection, and improving transparency and accountability. Steps are already being taken to enhance fiscal data integrity and meet the highest international standards in economic and fiscal statistics.

Positive Medium-Term Outlook

The IMF projects continued economic growth above four percent over the medium term, alongside improving external reserves, rising investment, and stronger fiscal revenues. Public debt has declined as a percentage of GDP, while reserve buffers have strengthened significantly. These positive developments complement recent sovereign credit rating upgrades by international agencies.

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

“While challenges remain, the direction is clear and the foundations are stronger,” the statement said. “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.