Imf Warns Of Fragile Outlook With Poverty Persisting In Nigeria

The International Monetary Fund IMF has expressed serious concern over the continuing rise in poverty and food insecurity in Nigeria, despite the government's implementation of several economic reforms since 2023.

This was revealed in a statement released on Friday, April 18, 2025, following the conclusion of the IMF's Article IV consultation mission to Nigeria, which took place from 2 to 15 April 2025.

Led by Axel Schimmelpfennig, the IMF delegation held discussions with key figures in Nigeria's economic and political landscape. These included the Minister of Finance and Coordinating Minister of the Economy, Wale Edun Governor of the Central Bank of Nigeria CBN, Yemi Cardoso Minister of Agriculture and Food Security, Abubakar Kyari as well as representatives from civil society organisations, the private sector, and academia.

The Fund acknowledged the governments efforts to stabilise the economy through measures such as halting the Central Bank's financing of fiscal deficits, removing fuel subsidies, and enhancing the operation of the foreign exchange market.

However, it noted that the effects of these reforms have yet to positively impact the broader population.