The International Monetary Fund stated on Friday that Nigeria’s significant economic reforms have not yet translated into tangible benefits for the average citizen, approximately two years after their implementation.
President Bola Ahmed Tinubu initiated a comprehensive reform program in May 2023 with the aim of stabilizing the nation’s public finances.
While the IMF acknowledged the government’s “important steps” towards economic stabilization and growth, it noted that “gains have yet to benefit all Nigerians as poverty and food insecurity remain high.”
Axel Schimmelpfennig, the IMF mission chief for Nigeria, highlighted the “significant uncertainty” surrounding the economic outlook, citing global instability and potential drops in oil prices.
He conceded that President Tinubu’s reforms have positioned Nigeria to better weather these external challenges.
The reforms included the liberalization of the naira, the removal of fuel subsidies, and the cessation of central bank financing for fiscal deficits.
However, the World Bank reported in October that poverty in Nigeria has surged, affecting over half the population, with 129 million people now living in poverty.
