The Federal Government has welcomed the International Monetary Fund’s (IMF) 2026 Article IV Mission Concluding Statement on Nigeria, describing the report as a strong endorsement of the country’s ongoing economic reform agenda.
In a statement issued on June 9, 2026, the government said the IMF’s assessment provides independent validation that reforms introduced under President Bola Ahmed Tinubu’s administration are helping to strengthen macroeconomic stability, restore investor confidence, and position the economy for sustainable growth.
According to the government, the IMF acknowledged that reforms implemented over the last three years have improved Nigeria’s economic resilience and ability to withstand external shocks. The Fund highlighted progress in foreign exchange market operations, stronger external reserves, fiscal and revenue reforms, banking sector stability, and broader macroeconomic improvements.
The statement noted that these developments demonstrate that Nigeria is on a more stable economic path and is better prepared to navigate global economic uncertainties than it has been in recent years.
The Federal Government expressed satisfaction with the IMF’s recognition of key policy decisions, including the removal of fuel subsidies, the end of deficit monetisation, foreign exchange market liberalisation, and efforts to strengthen fiscal discipline.
According to the statement, these measures have helped reduce economic vulnerabilities and rebuild confidence in Nigeria’s economy.
The government also referenced the recent conflict in the Middle East, which has contributed to rising global energy and food prices, tighter financial conditions, and disruptions to international supply chains.
Despite these challenges, the IMF reportedly acknowledged Nigeria’s resilience, noting that the country has maintained relative stability. The government highlighted that the foreign exchange parallel market premium has remained below five per cent, sovereign spreads have stayed largely stable, and investor confidence has been preserved despite global economic pressures.
The IMF further observed that Nigeria stands to benefit from higher global energy prices through increased export earnings, stronger fiscal revenues, and improved foreign exchange inflows.
The Federal Government said it remains focused on turning these opportunities into long-term economic gains by boosting crude oil production, expanding local refining capacity, increasing gas production and exports, and attracting fresh investments across the energy sector.
While welcoming the IMF’s positive outlook, the government acknowledged the Fund’s concerns about poverty and food insecurity.
The statement noted that although per capita income reportedly grew by nearly 10 per cent in 2025—an indication of progress in reducing poverty—the administration recognises that economic stability alone is not enough.
It stressed that growth must be inclusive and deliver meaningful improvements in the lives of Nigerians.
To address these concerns, the government said it is strengthening targeted social intervention programmes, including direct cash transfers for vulnerable households, support for small businesses, student financing through the Nigerian Education Loan Fund (NELFUND), consumer credit initiatives, healthcare investments, and programmes aimed at creating economic opportunities.
In the agricultural sector, the government said it is expanding investments through the Renewed Hope National Agricultural Mechanisation Programme and other initiatives designed to improve productivity, strengthen irrigation systems, support dry-season farming, improve access to financing and inputs, develop agricultural value chains, and enhance food security.
These measures, according to the statement, are expected to help moderate food inflation, create jobs, and increase rural incomes.
The Federal Government also welcomed the IMF’s recognition of progress in domestic revenue generation and public financial management reforms.
It highlighted the implementation of new tax laws, digitalisation of revenue collection processes, improved transparency in public finance management, and enhanced accountability mechanisms as key reforms that will strengthen fiscal sustainability and create a more efficient tax system.
Responding to recommendations made by the IMF regarding fiscal reporting and budget transparency, the government said steps are already being taken to improve fiscal data integrity, strengthen coordination among relevant institutions, enhance transparency in budget implementation, and deepen public financial management reforms.
Efforts are also ongoing to improve fiscal reporting systems and ensure that Nigeria’s economic and fiscal statistics meet international standards.
Looking ahead, the government noted that the IMF projects continued economic growth above four per cent, stronger external reserves, increased investment, and improved fiscal revenues over the medium term.
The statement added that public debt has already declined relative to GDP, while reserve buffers have strengthened significantly.
According to the government, these developments, alongside recent sovereign credit rating upgrades by international rating agencies, reflect the growing resilience of Nigeria’s economy and the positive impact of ongoing reforms.
The Federal Government reaffirmed its commitment to maintaining macroeconomic stability, promoting inclusive growth, strengthening fiscal discipline, deepening structural reforms, improving the investment climate, expanding infrastructure, enhancing human capital development, and creating jobs.
It also pledged to continue implementing policies that support private sector growth, attract local and foreign investments, and improve the competitiveness of the Nigerian economy.
While acknowledging that challenges remain, the government maintained that the country’s economic direction is clear and that stronger foundations are being built for long-term prosperity.
“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.”
The statement was signed by Taiwo Oyedele, Honourable Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria.
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