Close-up of the IMF emblem, symbolizing international economic cooperation and financial support.
The International Monetary Fund (IMF) has acknowledged Nigeria’s tough economic reforms under President Bola Tinubu since May 2023, highlighting improvements in foreign exchange markets and fiscal debt management. However, the IMF warned that poverty and food insecurity remain high, with over half of Nigeria’s population still living below the poverty line. While the reforms have helped stabilize the economy, the benefits have not reached all Nigerians. The IMF also called for additional monetary policies to reduce inflation and support critical investments. Furthermore, the organization warned that declining oil prices pose significant uncertainty to the country’s positive outlook and could affect its export earnings. In response, the Nigerian government stated that it will address the declining prices in its 2025 budget.