Mkpoikana Udoma
Port Harcourt — The Federal Government has said Nigeria is well-positioned to benefit from higher global energy prices through stronger export earnings, improved fiscal revenues and increased foreign exchange inflows, following a positive assessment of the country’s economic reforms by the International Monetary Fund, IMF.
Reacting to the IMF’s 2026 Article IV Mission Concluding Statement, the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, said the Fund’s assessment validates the bold economic reforms implemented by the administration of President Bola Tinubu.
According to the minister, the IMF acknowledged that reforms undertaken over the past two and a half years have strengthened Nigeria’s macroeconomic stability, improved resilience to external shocks and restored investor confidence.
“The report provides further independent validation that the bold and necessary reforms undertaken under the leadership of President Bola Ahmed Tinubu are strengthening macroeconomic stability, restoring confidence, and laying the foundation for sustainable and inclusive growth,” Oyedele stated.
The IMF highlighted improvements in foreign exchange market operations, stronger external reserves, fiscal and revenue reforms, banking sector resilience and overall macroeconomic stability, according to the statement.
The Federal Government said it was particularly encouraged by the Fund’s recognition of reforms such as the removal of fuel subsidies, elimination of deficit monetisation, liberalisation of the foreign exchange market and efforts to strengthen fiscal discipline.
“The report notes that Nigeria now faces global shocks with stronger policy frameworks and buffers than before,” the minister said.
Against the backdrop of recent geopolitical tensions in the Middle East, which have triggered higher energy prices and concerns over global supply chains, the government noted that Nigeria has remained relatively resilient.
“Despite significant increases in global energy prices, the foreign exchange parallel market premium has remained below five percent, sovereign spreads have remained broadly stable, and investor confidence has been preserved,” the statement noted.
The government said the IMF further observed that Nigeria stands to gain from elevated oil prices through increased export earnings and stronger public finances.
“The IMF further noted that Nigeria is well positioned to benefit from higher energy prices through stronger export earnings, improved fiscal revenues, and increased foreign exchange inflows,” Oyedele said.
To maximise those opportunities, the Federal Government said it would continue efforts to increase crude oil production, expand domestic refining capacity, grow gas production and exports, and attract fresh investments across the oil and gas value chain.
The minister also acknowledged the IMF’s concerns over poverty and food insecurity, stressing that while macroeconomic indicators are improving, the government remains focused on ensuring that economic gains translate into better living standards for citizens.
According to him, targeted interventions including cash transfers, support for small businesses, student loans through the Nigerian Education Loan Fund, consumer credit programmes, healthcare investments and agricultural reforms are being strengthened to promote inclusive growth.
Looking ahead, the government welcomed the IMF’s medium-term outlook, which projects economic growth above four percent, stronger external reserves, rising investments and improving fiscal revenues, describing it as further evidence that ongoing reforms are laying the foundation for long-term economic stability and growth.
