PRESS STATEMENT ON THE IMF ARTICLE IV CONSULTATION ON NIGERIA
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today, welcomed the release of the International Monetary Fund’s (IMF) findings on Nigeria, following the conclusion of the Article IV Consultation in April 2025.
HM Edun expressed appreciation for the IMF’s recognition of the Federal Government’s ongoing reform efforts and the tangible progress achieved over the past two years. These reforms have contributed to notable improvements in Nigeria’s fiscal and external positions, bolstering investor confidence and strengthening the resilience of the economy.
The Minister also welcomed the Fund’s acknowledgement of advancements in the agricultural sector, particularly increased food production, which has contributed to moderating inflation. As of May 2025, headline inflation eased to 22.9%, while food inflation declined to 21.4%—both improvements from the higher levels recorded during the IMF mission.
He further noted the IMF’s positive outlook, which affirms that Nigeria’s economic reforms have positioned the country to better withstand external shocks.
In response to the downside risks highlighted in the IMF’s report—particularly uncertainties in the global economy—the Minister reaffirmed the government’s proactive stance. He emphasized that the implementation of the 2025 Budget is being carried out with a focus on safeguarding reform gains and ensuring economic stability. The government continues to monitor developments in the international oil market and global trade environment and is taking responsive measures to mitigate potential risks while maintaining momentum toward inclusive growth.
The Federal Government remains fully committed to sound economic management that promotes macroeconomic stability, broad-based growth, and improved living standards for all Nigerians.
