Business
FG welcomes IMF report, reaffirms commitment to economic reforms
The Federal Government has welcomed the latest assessment by the International Monetary Fund (IMF) on Nigeria’s economic performance, following the conclusion of the Fund’s Article IV Consultation in April 2025.
In an official statement released on Wednesday, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, expressed appreciation for the IMF’s recognition of the government’s wide-ranging reform efforts, which he said have led to tangible improvements in the country’s fiscal position, external reserves, and investor confidence.
The IMF, in its report, commended Nigeria’s progress in restoring macroeconomic stability through difficult but necessary policy decisions, including tightening monetary and fiscal policies, eliminating the multiple exchange rate regime, and implementing structural reforms across critical sectors.
Mr. Edun particularly welcomed the Fund’s positive assessment of Nigeria’s agricultural sector, noting that increased food production has played a key role in moderating inflation. He highlighted that headline inflation fell to 22.9 percent in May 2025, while food inflation eased to 21.4 percent — a marked improvement from the higher figures reported during the IMF mission.
“This progress is a testament to the resilience of our economy and the impact of our reform agenda,” Edun stated. “The IMF’s acknowledgment affirms that our policies are not only stabilising the economy but also positioning Nigeria to better absorb global economic shocks.”
The Minister acknowledged the downside risks outlined in the IMF’s report, including uncertainty in global markets, oil price volatility, and structural constraints. However, he assured that the Federal Government is taking proactive measures to mitigate these risks.
He noted that the implementation of the 2025 Budget is being carried out with a strong emphasis on protecting recent reform gains, ensuring fiscal discipline, and maintaining macroeconomic stability. Edun added that the government is closely monitoring developments in the international oil market and global trade, with the aim of responding swiftly and effectively to any external headwinds.
Reiterating the administration’s policy direction, the Finance Minister said the government remains committed to sound economic management, broad-based growth, and improving living standards for Nigerians.
“The President Bola Tinubu administration will continue to prioritise policies that promote stability, inclusive growth, and sustainable development. We are determined to build an economy that works for all,” he affirmed.
The statement was signed by Mohammed Manga, Director of Press and Public Relations, Federal Ministry of Finance.
