FG Committed to Sustaining Reforms, Says Oyedele

Nigeria's federal government has welcomed the International Monetary Fund's (IMF) 2026 Article IV Mission Concluding Statement, signaling a strong resolve to continue its current economic reform agenda. The government views the IMF's assessment as independent validation of the bold measures implemented under President Bola Ahmed Tinubu's leadership.

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further independent validation that the bold and necessary reforms undertaken under the leadership of President Bola Ahmed Tinubu, GCFR, are strengthening macroeconomic stability, restoring confidence, and laying the foundation for sustainable and inclusive growth.

Finance Minister Taiwo Oyedele stated that the reforms are strengthening macroeconomic stability, restoring confidence, and laying the groundwork for sustainable, inclusive growth. The IMF report specifically acknowledges Nigeria's improved macroeconomic outcomes and enhanced resilience to external shocks over the past three years. Key areas of improvement noted include the functioning of the foreign exchange market, stronger external buffers, ongoing fiscal and revenue reforms, banking sector resilience, and overall macroeconomic stability.

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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.

Oyedele highlighted the IMF's recognition of the difficult but necessary decisions made, such as ending fuel subsidies, eliminating deficit monetization, liberalizing the foreign exchange market, and strengthening fiscal discipline. These actions, the minister noted, have significantly reduced vulnerabilities and rebuilt confidence in the Nigerian economy. The report indicates that Nigeria is now better equipped to handle global economic uncertainties than in recent years.

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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.

Despite global challenges like the conflict in the Middle East, which has led to higher energy and food prices and disrupted supply chains, the IMF acknowledged Nigeria's notable resilience. The report points out that the parallel market premium for foreign exchange has remained below five percent, sovereign spreads are stable, and investor confidence has been preserved. The IMF anticipates Nigeria will benefit from higher energy prices through increased export earnings, improved fiscal revenues, and greater foreign exchange inflows. The government remains focused on leveraging these opportunities by boosting crude oil production, expanding refining capacity, growing gas production and exports, and attracting investments across the energy sector.

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The report notes that Nigeria now faces global shocks with stronger policy frameworks and buffers than before.