IMF URGES DEEPER FISCAL, MONETARY REFORMS IN NIGERIA

The International Monetary Fund has urged Nigeria to deepen fiscal, monetary and governance reforms as part of efforts to strengthen economic stability and achieve broader-based growth.

The IMF made the call in its latest assessment of Nigeria and other major African economies, stressing the need for continued policy reforms to address economic vulnerabilities and improve resilience.

The Fund said stronger fiscal management would be critical to improving public finances, increasing government revenue and ensuring that public spending delivers greater economic and social benefits.

It also stressed the importance of maintaining sound monetary policies to support price stability and strengthen confidence in the financial system.

The IMF has previously called for reforms to Nigeria’s budget process, public financial management, fiscal reporting and risk-management framework, while also highlighting the need for greater transparency and accountability.

The Fund said continued reforms could help Nigeria build stronger economic buffers and better withstand external shocks, including fluctuations in commodity prices and changes in global financial conditions.

It also emphasised the importance of governance reforms, arguing that stronger institutions and greater policy credibility would help improve the investment environment and support sustainable economic growth.

The IMF’s latest position comes as Nigeria continues to implement wide-ranging economic reforms aimed at improving foreign exchange market functioning, strengthening revenue mobilisation and reducing fiscal pressures.

The Fund has acknowledged progress from the reforms while maintaining that further measures are required to consolidate the gains and address persistent economic challenges.

It urged Nigerian authorities to maintain policy consistency and accelerate structural reforms that can support private-sector investment, productivity and job creation.

The IMF maintained that deeper reforms, combined with stronger institutions and effective implementation, would be essential to achieving more inclusive and sustainable economic growth in Nigeria.