The International Monetary Fund (IMF) and the International Finance Corporation (IFC) have jointly commended the economic reforms of President Bola Tinubu’s administration, citing emerging macroeconomic stability, but urged consistency to ensure long-term success.
The endorsement came with a clear message that encouraged the government to stay the course without backsliding.
The views were expressed on Tuesday in Lagos during the “International Business Conference and EXPO 2025: Invest Nigeria” organised by the Lagos Chamber of Commerce and Industry (LCCI).
IMF Resident Representative, Dr. Christian Ebeke, and IFC Principal Country Officer for Nigeria, Mr. Christian Mulamula, identified the unification of foreign exchange rates, removal of petrol subsidy, and recently enacted tax reform laws as pivotal measures deserving special commendation.
Dr. Ebeke highlighted immediate visible gains, stating, “The first thing that is important is that inflation is finally decelerating… The second thing I wish to mention is that the exchange market is now more stable.” He elaborated that businesses are no longer struggling to find foreign currency, a crucial step for economic planning. He also gave “kudos to the Tinubu’s administration for pushing through these landmarks tax reform laws.”
Both institutions warned that while progress is evident, the work is not complete. They cautioned that “the monster was retreating but had not gone away,” emphasizing the need for sustained effort. Their advice to continue on the chosen path is based on the reforms starting to yield results, including deceleration of inflationary pressure, FX market stability, and growing foreign reserves.
Mr. Mulamula echoed this sentiment, noting, “The good news is that Nigeria has taken bold steps to implement the structural reforms required to make it a more attractive investment destination.” He pointed to huge investment opportunities in ICT, renewable energy, and agriculture, which could create hundreds of thousands of new jobs.
However, the IMF expressed significant concerns, particularly the lack of foreign direct investment (FDI) in productive sectors like manufacturing. “Nigeria receives very little FDIs and it is actually worrisome,” Ebeke said, also pointing to a very low credit-to-GDP ratio and a misallocation of bank credit away from key job-creating sectors.
To consolidate the gains, the IMF advised the government to decisively fight insecurity and address the power crisis. “No other emerging market country has to deal with the type of insecurity problem Nigeria is facing… There should be a marshal plan to fix the power sector given the multiplier effect it has,” Ebeke stated.
President Tinubu, represented by the Minister of State for Industry, Trade and Investment, Senator John Owan Enoh, assured the business community of his administration’s commitment to changing the narrative from obstacles to opportunities.
“My administration was elected with clear mandate to change that story; to rewrite the narrative from that of obstacles to one of opportunities,” he said, adding that this was “not just a promise but a reality we are building every single day.”
Discussion about this post