November 9, 2025
The International Monetary Fund, IMF, and the Federal Government on Friday, in Abuja, opened discussions on the country’s ongoing economic reforms, medium-term outlook, and preparations for the 2026–2030 National Development Plan.
The meeting, had in attendance IMF delegation led by it Assistant Director of African Department, Mr. Axel Schimmelpfennig and Nigeria’s Minister of Budget and Economic Planning, Abubakar Bagudu.
The engagement formed part of the IMF’s consultative mission to review Nigeria’s fiscal priorities, macroeconomic framework, and reform direction ahead of its next country report.
Schimmelpfennig who acknowledged Nigeria’s reform progress, expressed IMF’s interest in understanding how the country’s medium-term strategy and its development objectives align.
He said, “We would like to hear your thoughts on current developments, your outlook for the next year and the medium term.”
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“We understand that you are preparing the medium-term framework, the National Development Plan, and the 2026 budget. Having your overall vision at this stage will be extremely helpful.”
He emphasized that pre-election periods can often bring uncertainty, but Nigeria’s policy coherence signals institutional maturity. “Every country manages pre-election periods differently,” Schimmelpfennig observed. “But what we see in Nigeria is a continued commitment to reform and policy consistency — a signal of growing institutional strength.”
In his response, Minister of Budget and Economic Planning, Abubakar Bagudu, said the government remains committed to aligning fiscal reforms with national planning to promote coherence, efficiency, and inclusive growth.
Bagudu, expressed appreciation for the IMF’s constructive engagement and technical assistance over the past two and a half years.
“We are deeply grateful for the guidance and encouragement we have received from the IMF and World Bank. Your interrogation and feedback have played a vital role in refining our reforms and ensuring that our economic management remains evidence-based,” he stated.
The minister hinted that, Nigeria’s reform efforts under President Bola Tinubu have been driven by inclusion, transparent and are beginning to yield measurable results.
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He explained that the administration’s target of building a $1 trillion economy by 2030 is anchored on disciplined reforms and coordinated national planning, adding that the Renewed Hope Ward-Based Development Plan seeks to harness the economic potential of Nigeria’s 8,809 wards, providing a framework for inclusive, bottom-up growth.
On the development of the 2026–2030 National Development Plan, Bagudu said, it aims to integrate federal, state, and local strategies into a cohesive and data-driven roadmap for a beneficial sustainable growth.
“We are working to make the plan a reflection of Nigeria’s collective ambition — one that incorporates fiscal discipline, subnational collaboration, and the reforms necessary to sustain long-term growth,” he said.
The Minister further noted that “We are not lamenting; we are learning and refining,” from ongoing collaboration with the IMF in macroeconomic modelling, fiscal planning, and comparative data analysis to strengthen policy outcomes.
