The managing director of the International Monetary Fund, Kristalina Georgieva, has expressed strong support for the economic reforms implemented in Nigeria under President Bola Tinubu.
Georgieva praised the efforts of the Nigerian government to overhaul its economy, highlighting the importance of these measures for the country’s growth and job creation.
Her comments were made in a post on X (formerly Twitter) on Thursday, following a meeting with President Tinubu on the sidelines of the G20 summit in Brazil. Georgieva commended the Nigerian government’s decisive actions to accelerate economic reforms, which she described as crucial for boosting growth and generating employment opportunities for the nation’s young and dynamic population.
The IMF’s backing comes at a pivotal time as Nigeria has implemented several key reforms, including the removal of the petrol subsidy, the liberalization of its foreign exchange system, and the deregulation of the petroleum downstream sector. These changes are aimed at revitalizing the country’s economy, restoring investor confidence, and attracting foreign investment into critical sectors.
In her statement, Georgieva emphasized the IMF’s strong support for Nigeria’s reform agenda, noting that these actions would help put the country on a path to sustainable growth.
The IMF’s positive assessment follows a similar endorsement in Washington, D.C., on October 25, when the organization praised the Tinubu administration’s economic initiatives during a press briefing. These reforms were also acknowledged by President Tinubu in June, during Nigeria’s 25th democracy anniversary, where he stated that the country’s economic challenges required urgent and long-delayed reforms.
Despite the government’s efforts, Nigeria has faced widespread complaints of hardship from its citizens. On October 17, the World Bank, during the launch of its Nigeria Development Update report in Abuja, reported that the country was beginning to see positive results from the reforms. However, the World Bank also warned that sustaining these reforms is critical, as reversing them could have disastrous consequences for Nigeria’s economic future.
“Excellent meeting with 🇳🇬 President @officialABAT at the #G20 Summit,” the statement reads.
” Commended Nigeria’s decisive actions to reform the economy, accelerate growth and generate jobs for its vibrant population.
“The IMF strongly supports Nigeria on this journey.”
