The Federal Government says Nigeria is beginning to change how it is perceived internationally, pointing to its tax overhaul and broader economic reforms as evidence that the country is moving towards sustainable growth and shared prosperity.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said this as he explained his “Nigeria rising” narrative at the 2026 IMF-World Bank Meetings in Thailand.
According to him, the Nigeria Rising narrative was designed to communicate the changes taking place in the country and challenge perceptions that do not reflect the government’s assessment of its economic progress.
Speaking at the closing press briefing of the Meetingss in Bangkok, Thailand, Oyedele said he observed growing interest in Nigeria among international stakeholders during the meetings, which he attributed to the country’s ongoing reform programme.
Tax reforms form part of Nigeria Rising agenda
The minister said the government believes its reforms are putting Nigeria on a path towards stronger economic performance, citing changes to the tax system and economic management as part of efforts to establish a foundation for sustainable growth.
The finance minister cited the overhaul of Nigeria’s tax system as one of the major reforms underpinning the Nigeria Rising narrative.
He said the government had rewritten the country’s tax framework within two years, presenting the exercise as part of broader efforts to reform public administration and improve the economy.
Oyedele said the combined effect of the reforms could put Nigeria on a path towards sustainable growth and shared prosperity.
- “If you put all of this together, it means one thing: that we are on the path to a celebrated growth that is sustainable, and ultimately to deliver shared prosperity to our people,” he said.
He urged Nigerians to look beyond negative headlines and pay closer attention to the opportunities emerging from the government’s economic programme.
- “Everywhere you look, there’s an opportunity. But you need to look for the opportunity,” he said.
Government targets 7% growth above IMF projections
Oyedele said the government expects Nigeria’s economic growth to exceed the IMF’s projections of 4.3% for 2026 and 4.4% for 2027, describing the multilateral lender’s forecasts as historically conservative.
He said the government was working towards a 7% growth rate, supported by measures to address structural constraints, reduce inflation and improve the business environment.
- “We expect growth that is much higher than what the IMF is projecting for Nigeria. Our target is to get to 7% growth rates,” he said.
The minister said the government had identified areas requiring intervention and was implementing measures intended to accelerate economic activity beyond the pace reflected in current international forecasts.
However, achieving the target would require growth to accelerate significantly from the rates projected by the IMF, alongside sustained improvements in investment, productivity and business activity.
Lower inflation and interest rates central to growth plan
Oyedele identified food, energy and logistics costs as key sources of inflationary pressure, saying the government was addressing these constraints to create conditions for lower inflation and borrowing costs.
He argued that reducing inflation to low single digits could make single digit interest rates possible, improving access to credit for businesses and supporting investment.
The minister highlighted the high cost of borrowing as a constraint on businesses, noting that some companies were recording growth rates of about 30% while the wider economy continued to expand at a much slower pace.
- “Imagine that prime lending is close to 30%. Your top business is growing at 30%, and you are still growing at 4.5%. Just imagine what is possible when they borrow at a single digit,” he said.
He also pointed to developments in the foreign exchange market, saying the naira’s performance had improved the outlook for inflation and helped ease some of the pressures affecting the economy.
According to him, tackling the remaining inflationary pressures from food, energy and logistics would be important to achieving the government’s growth ambition.
IMF raises Nigeria’s 2026 growth forecast to 4.2%, projects 4.3% in 2027
Earlier this month, Nairametrics reported that the IMF raised Nigeria’s 2026 economic growth forecast to 4.2% from 4.1% in its October 2026 World Economic Outlook, while retaining its projection of 4.3% growth for 2027.
- In its report, titled Resilience Under Strain, Urgent Choices, the Fund attributed Nigeria’s growth outlook partly to improved macroeconomic stability and favourable terms of trade.
- However, the IMF warned that higher prices of essential goods could worsen poverty and food insecurity, despite the improved growth outlook.
- The Fund also called for targeted, temporary cash transfers and income support to help vulnerable households cope with rising food and energy costs without undermining longer-term economic stability.
The IMF’s projections remain below the Federal Government’s 7% growth ambition, highlighting the gap between the country’s target and the Fund’s expectations for the economy over the next two years.