The Federal Government has told the International Monetary Fund (IMF) that it will keep a close eye on changes in global oil prices and trade conditions, and take action when needed to protect Nigeria’s economy and keep growth on track for everyone.
This promise came after the IMF warned in its latest review in April 2025 Article IV Consultation that sharp swings in crude oil prices could affect Nigeria’s 2025 budget.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, explained that the government is implementing the 2025 budget carefully, with a focus on protecting the progress made through economic reforms and making sure the economy stays steady.
He said the government remains fully committed to managing the economy in a way that keeps prices stable, supports broad growth, and improves the quality of life for all Nigerians.
Edun welcomed the IMF’s new report on Nigeria, saying it shows that the government’s reforms over the last two years are paying off. According to him, these efforts have strengthened Nigeria’s finances, attracted more investor confidence, and made the economy stronger against external shocks.
The Minister also pointed to the IMF’s positive view of progress in agriculture, especially the increase in food production, which has helped bring down food prices.
As of May 2025, overall inflation had slowed to 22.9 per cent, while food inflation had dropped to 21.4 per cent — both better than earlier levels during the IMF’s last visit.
Edun noted that the IMF’s report suggests Nigeria’s economic reforms are helping the country cope better with unexpected global challenges.
In its April report, the IMF welcomed several steps taken by the government, such as removing fuel subsidies, improving revenue collection, and making the foreign exchange market work better. These steps have helped to stabilise the economy and make it more resilient.
Still, the IMF warned that Nigeria faces risks from unpredictable oil prices and rising global borrowing costs, which could hurt government finances and economic growth.
In response, Edun said the government is actively watching the situation and ready to act if needed, to make sure the economy stays on course.
He added that the government’s long-term goal is to keep reforms moving forward so that growth reaches all parts of the country, with more jobs, better infrastructure, and stronger support for farmers and vulnerable households.
