The International Monetary Fund (IMF) concluded its 2026 Article IV consultation with Nigeria on June 1, 2026, with the findings released on June 9, 2026.
The IMF said reforms implemented over the past three years have improved macroeconomic stability and strengthened resilience. However, it noted that living conditions remain difficult for many Nigerians, with poverty estimated at 63 per cent and about 27 million people experiencing food insecurity in late 2025.
Nigeria’s economy is estimated to have grown by 4 per cent in 2025 and is projected to expand by 4.1 per cent in 2026. Inflation rose to 15.4 per cent in March 2026 due to higher international fuel and food prices, although the IMF expects inflationary pressures to ease in the second half of the year.
The country’s gross international reserves increased from US$40 billion at the end of 2024 to US$46 billion in 2025, while net international reserves rose from US$23 billion to US$35 billion over the same period.
The IMF noted that Nigeria’s consolidated government deficit widened to 4.4 per cent of GDP in 2025 as oil revenues fell short of expectations. It warned that uncertainty over global fuel and food prices, as well as domestic security challenges, could pose risks to the economic outlook.
The IMF Executive Board called for a neutral fiscal stance in 2026, continued tight monetary policy to reduce inflation, and further reforms to strengthen public financial management, transparency and accountability. Directors also encouraged Nigeria to maintain its flexible exchange rate regime, strengthen financial sector oversight, accelerate Basel III banking reforms and improve regulation of crypto-assets.
The Board further stressed the need for reforms in governance, security, electricity, agriculture, infrastructure and human capital development to support inclusive growth and economic diversification. Nigeria’s next Article IV consultation is expected to take place within the standard 12-month cycle.