The International Monetary Fund (IMF) has praised Nigeria’s ongoing economic reforms led by the Central Bank of Nigeria (CBN) under the leadership of its Governor, Mr. Olayemi Cardoso. The global financial institution said the reforms have strengthened the country’s growth outlook, stabilised the naira, and improved investor confidence despite global economic headwinds.
In its October 2025 World Economic Outlook report, the IMF projected that Nigeria’s economy will grow by 3.9 per cent in 2025 and 4.1 per cent in 2026. The forecast reflects stronger macroeconomic performance driven by increased oil production, improved investor confidence, fiscal discipline, and the impact of exchange rate unification.
According to the IMF, these reforms have helped Nigeria withstand the effects of weaker oil prices, global trade tensions, and fluctuating financial markets. The Fund noted that Nigeria’s economic resilience was largely due to the CBN’s decisive policy actions, including tightening monetary policy, enhancing transparency in the foreign exchange market, and strengthening fiscal coordination with the Federal Government.
The IMF’s Economic Counsellor, Mr. Pierre-Olivier Gourinchas, said Nigeria’s revised growth projection was based on “supportive domestic factors and improving macroeconomic indicators.” He also mentioned that a 10 to 12 per cent weakening of the United States dollar had benefited emerging markets like Nigeria, easing inflationary pressures on goods and services priced in dollars and improving foreign exchange liquidity.
Similarly, the IMF’s Deputy Director of Research, Ms. Petya Koeva Brooks, said sub-Saharan Africa’s economy would record moderate growth in the coming years, with Nigeria standing out as one of the countries showing stronger recovery due to fiscal prudence and consistent reforms. She said the region is expected to grow by 4.1 per cent in 2025 and 4.4 per cent in 2026, describing Nigeria’s performance as a sign of renewed investor trust.
Globally, the IMF projected that economic growth will slow slightly from 3.3 per cent in 2024 to 3.2 per cent in 2025, while emerging markets and developing economies are expected to maintain an average growth rate above 4 per cent.
At the Intergovernmental Group of Twenty-Four (G-24) press briefing held during the 2025 IMF/World Bank Annual Meetings in Washington D.C., the CBN Governor, Mr. Olayemi Cardoso, said the IMF’s positive assessment was a validation of Nigeria’s bold reforms and disciplined policy direction. He described the Nigerian economy as “restructured, more resilient, and better positioned for long-term growth.”
Cardoso explained that when he assumed office in 2023, the Nigerian economy was facing serious challenges including rising inflation, low foreign reserves, weak investor confidence, and fiscal imbalances. To address these issues, the Central Bank implemented a series of policy reforms that included raising interest rates by over 800 basis points, ending excessive lending to the Federal Government, and unifying the multiple exchange rate windows into a single transparent market.
He noted that the CBN’s adoption of a willing-buyer, willing-seller foreign exchange framework, coupled with the clearance of over $7 billion in verified FX backlogs, restored investor confidence and stabilised the foreign exchange market. He added that the country’s foreign reserves have now risen above $42 billion, supported by stronger capital inflows and increased diaspora remittances through the Non-Resident Bank Verification Number (BVN) platform, which allows Nigerians abroad to open bank accounts remotely.
Recent data from the Central Bank showed that Nigeria’s Gross Domestic Product (GDP) grew by 4.2 per cent in the second quarter of 2025, indicating renewed economic momentum. The CBN Governor said the country’s credit ratings have improved, capital inflows are rebounding, and the naira is showing greater stability. He described this progress as a “developmental inflection point,” saying that investor confidence is returning and Nigeria’s economy is undergoing structural transformation.
Cardoso said the Central Bank has also introduced an electronic foreign exchange matching system to improve transparency and deepen efficiency in the FX market. He urged commercial banks to take a stronger role in market intermediation and support productive sectors to drive inclusive growth.
Despite the positive outlook, the IMF warned that global uncertainties, such as trade restrictions and geopolitical tensions, could still pose challenges. The Fund advised Nigeria and other developing countries to maintain fiscal discipline, rebuild foreign reserves, and safeguard central bank independence.
G-24 Chairman, Mr. Pablo Quirno, also noted that emerging markets continue to face weak global trade volumes and limited fiscal space, urging greater international cooperation and support from multilateral lenders.
Analysts said the IMF’s commendation represents a strong vote of confidence in Nigeria’s economic management and its determination to restore macroeconomic stability. They believe that continued implementation of structural reforms, improved governance, and sustained investment in key sectors will further boost the country’s long-term growth prospects.
Governor Cardoso concluded by saying, “This is only the beginning. The real task is to ensure that the hard-won gains translate into durable prosperity for all Nigerians.”
