Abuja – The International Monetary Fund (IMF) assessed Nigeria’s recent economic changes. President Bola Ahmed Tinubu started major reforms nearly two years ago. The IMF stated these reforms have not yet improved life for the average Nigerian. The Nigerian economic reforms impact on poverty is a key concern.
Tinubu took office in May 2023. He quickly removed fuel subsidies and liberalized the naira. He also stopped Central Bank deficit financing. Financial institutions praised these actions. However, the reforms caused severe economic hardship for many Nigerians. This led to a major cost-of-living crisis.
IMF Assessment vs. Citizen Reality
IMF Mission Chief Axel Schimmelpfennig spoke after meeting Nigerian officials. He said the government took important steps to stabilize the economy. He acknowledged these gains have not helped all Nigerians. Poverty and food insecurity remain high. The Nigerian economic reforms impact is uneven. The World Bank reported in October that 129 million Nigerians live in poverty. That is over half the population.
Uncertain Outlook Remains
Schimmelpfennig also noted significant uncertainty ahead. He mentioned external risks like global instability and lower oil prices. He stated the reform program helps Nigeria manage this external environment better. Despite some positive economic signs, many Nigerians await real improvements in their daily lives..
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