IMF outlines key steps for Nigeria’s economic rebuild

The International Monetary Fund (IMF) has outlined a comprehensive roadmap to help Nigeria rebuild its economy and strengthen long-term growth.

The recommendations, presented during an economic policy dialogue in Abuja, emphasize fiscal discipline, improved governance, and targeted investment in infrastructure and human capital.

The IMF’s Resident Representative, Mr. Christian Ebeke, explained that Nigeria must take decisive action to diversify its revenue sources, reduce dependence on oil, and channel public spending toward productive sectors.

He stated that the new policy direction would mark the beginning of Nigeria’s economic reconstruction and demonstrate a renewed commitment to sustainable development.

According to the IMF, the federal government should prioritize transparency in fiscal management and ensure all ministries and agencies work with updated economic data to achieve accuracy in planning and implementation.

The institution also urged the government to modernize its tax administration system and expand the base to capture more of the informal economy.

Representing Nigeria’s Ministry of Finance, Permanent Secretary Mrs. Lydia Jafiya thanked the IMF for its continued support and technical guidance. She said the proposed reforms would help the government enhance efficiency, create jobs, and attract foreign investment.

Jafiya also emphasized the importance of regular consultations between the IMF and Nigerian economic managers to ensure smooth communication and accountability in the reform process.
The Central Bank of Nigeria (CBN), represented by Deputy Governor Dr.

Kingsley Obiora, assured the IMF of the government’s full commitment to implementing necessary monetary and structural reforms.

He expressed confidence that the policy measures would stabilize the naira and restore investor confidence within the next year.

The IMF team reiterated that Nigeria’s economic rebuilding plan forms part of a broader effort to promote stability and inclusive growth across developing economies.

At the close of the session, Finance Minister Wale Edun thanked the IMF for its constructive engagement and reaffirmed President Tinubu’s commitment to fiscal prudence, investment in infrastructure, and empowerment of the private sector as key pillars for sustainable recovery.