At the meetings, the IMF’s Director of its African Department, Abebe Selassie, said that Sub-Saharan Africa had displayed resilience in the face of global headwinds—such as slowing growth, volatile commodity prices and tighter financing conditions. He specifically commended Nigeria’s efforts in domestic revenue mobilisation and debt management. According to Selassie:
“The continent had shown resilience despite a challenging global environment … Nigeria’s policy reforms have been significant — exchange rate unification, subsidy removal, and fiscal coordination are all steps in the right direction.” (Vanguard News)
He also observed that although growth remained steady, resource-dependent and conflict-affected countries still faced major hurdles, including only modest improvements in per-capita incomes.
Also on the agenda, Davide Furceri, Division Chief of the IMF’s Fiscal Affairs Department, urged Nigeria to continue its “neutral fiscal stance” and focus on smarter spending and stronger tax systems. He noted:
“Currently what we are projecting for Nigeria is a neutral fiscal stance, which we believe is consistent with monetary policies aimed at reducing inflation.” (Vanguard News)
From Nigeria’s side, the Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, said the reforms had boosted investor confidence and strengthened Nigeria’s role in global financial architecture—highlighting Nigeria’s upcoming chairmanship of the Intergovernmental Group of Twenty‑Four (G-24).
“We want to ensure that the policies we have already applied stay the course … Nigerians will soon begin to feel the benefits as inflation continues to trend down.” (Vanguard News)
Cardoso also cited a drop in inflation (to around 18.02% in September), narrowed foreign-exchange market gaps, and foreign reserves exceeding US $43 billion as tangible outcomes of the reform drive. (Vanguard News)
However—and importantly—the IMF stressed that while reform gains are “real … but still fragile.” From its July 2 2025 Article IV Mission, the IMF said that Nigeria’s growth (future projections) remained moderate, and persistent external risks such as oil-price volatility and financing costs could undermine progress. (IMF)
Significance & Next Steps
The endorsement by the IMF/World Bank signals increased international confidence in Nigeria’s economic trajectory, which may help attract investment.
It underscores that key reforms—such as subsidy removal, exchange-rate reform, and improved fiscal-monetary coordination—are being recognised globally.
But the warnings are clear: achieving tangible benefits for Nigerians (jobs, incomes, lower cost of living) still requires sustained effort and structural reforms.
