WED JUNE 10 2026-theGBJournal| Finance Minister Taiwo Oyedele said the International Monetary Fund’s latest assessment of the country’s economy validates President Bola Tinubu’s sweeping reform agenda, citing improvements in macroeconomic stability, foreign-exchange market functioning and fiscal management as evidence that Africa’s largest oil producer is becoming more resilient to external shocks.
In a statement issued Tuesday, Finance Minister Taiwo Oyedele said the IMF’s 2026 Article IV Mission Concluding Statement provided independent confirmation that reforms implemented over the past two-and-a-half years are restoring investor confidence and creating a foundation for sustainable economic growth.
Oyedel said the Fund’s findings support its view that difficult policy decisions, including the removal of fuel subsidies, exchange-rate liberalisation and tighter fiscal controls, are beginning to deliver tangible economic benefits.
The IMF, in its report, noted that reforms have strengthened Nigeria’s capacity to absorb global economic disruptions, highlighting improvements in the foreign-exchange market, stronger external reserves, fiscal and revenue reforms, and continued resilience within the banking sector.
According to the Finance Minster, these developments have improved the country’s macroeconomic outlook and reduced vulnerabilities that previously exposed the economy to external shocks.
The administration pointed to the IMF’s recognition that the elimination of fuel subsidies, the end of deficit monetisation by the central bank and efforts to improve fiscal discipline have contributed significantly to rebuilding confidence in the economy.
Oyedele said the reforms have provided Nigeria with stronger policy buffers and enhanced its ability to navigate an increasingly uncertain global environment.
He also cited the IMF’s assessment of Nigeria’s response to recent geopolitical tensions in the Middle East, which have pushed up global energy prices and heightened concerns over inflation, supply-chain disruptions and tighter financial conditions.
Despite these pressures, officials said Nigeria has maintained relative stability, with the parallel-market foreign-exchange premium remaining below 5%, sovereign risk spreads broadly stable and investor confidence largely intact.
According to the Minister, higher crude prices present an opportunity for Nigeria to strengthen export earnings, boost fiscal revenues and increase foreign-exchange inflows.
”We are seeking to capitalize on those gains through measures aimed at raising crude production, expanding domestic refining capacity, increasing gas output and attracting fresh investment across the energy sector.”
While welcoming the IMF’s assessment, the Oyedele acknowledged that poverty and food insecurity remain major challenges. Officials said macroeconomic improvements alone would not be sufficient unless they translate into better living standards for Nigerians.
The administration, he noted the estimated near-10% increase in per-capita income in 2025 as evidence that reforms are beginning to improve household welfare, while stressing that more needs to be done to ensure growth is inclusive.
To address social pressures, the he said it is expanding targeted support programs, including cash transfers for vulnerable households, financing initiatives for small businesses, student loans through the Nigerian Education Loan Fund, consumer-credit schemes and increased healthcare investments.
The administration said the measures are intended to cushion the impact of economic adjustments while broadening access to economic opportunities.
In agriculture, authorities said they are scaling up investments through the Renewed Hope National Agricultural Mechanisation Programme and related initiatives aimed at boosting productivity, expanding irrigation and dry-season farming, improving access to financing and strengthening agricultural value chains.
The government said these efforts are expected to help moderate food inflation, create jobs and raise rural incomes.
The government also welcomed the IMF’s positive assessment of domestic revenue mobilisation and public-finance reforms.
Officials said recently enacted tax legislation, expanded digital revenue-collection systems and measures to improve transparency and accountability would strengthen fiscal sustainability and enhance the efficiency of the tax system.
Responding to IMF recommendations on fiscal reporting and budget transparency, the government said it is taking steps to improve data integrity, strengthen coordination among agencies and enhance public financial management.
Authorities added that ongoing reforms are designed to align fiscal reporting and economic statistics with international standards.
Looking ahead, the government said the IMF’s medium-term outlook reinforces confidence in Nigeria’s economic prospects. The Fund projects economic growth above 4% over the coming years, supported by rising investment, stronger fiscal revenues and improving external reserves.
Officials noted that public debt has declined relative to gross domestic product while reserve buffers have strengthened, developments they said complement recent sovereign credit-rating upgrades and underscore the growing resilience of the economy.
The administration reiterated its commitment to maintaining macroeconomic stability, deepening structural reforms, improving the investment climate and promoting private-sector-led growth.
While acknowledging persistent challenges, the government said its objective remains to convert economic reforms into lower inflation, higher incomes, job creation and improved living standards for Nigerians.
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