. Raises country’s 2026 growth forecast to 4.2%, retains 4.3% for 2027
Nume Ekeghe in Bangkok, Thailand
The International Monetary Fund (IMF) on Tuesday said despite Nigeria’s economic growth holding up, poverty remains high and the population continues to suffer, urging the government to provide targeted, temporary support to vulnerable households.
The Fund said the disproportionate increase in food and energy prices had intensified the cost-of-living crisis, highlighting the need for policymakers to balance the immediate needs of households with medium-term fiscal stability.
The IMF also upgraded Nigeria’s economic growth projection for 2026 by 0.1 percentage point to 4.2 per cent, while retaining its 2027 forecast at 4.3 per cent.
The projections were presented in the IMF’s 2026 World Economic Outlook, titled “Resilience Under Strain, Urgent Choices,” released at the ongoing Annual Meetings in Bangkok, Thailand.
Speaking on fiscal policy responses to rising living costs in Africa, Research Department Division Chief, Deniz Igan, said policymakers needed to address immediate household needs, particularly food and energy security, while maintaining medium-term economic stability.
“The thing to emphasise here is that what we are advocating for is for policymakers to balance the near-term needs of the population, and that involves food security. That involves energy security. Given that the prices of food and energy are increasing disproportionately, while also keeping in mind medium-term stability, how to do that is, of course, a great question,” she said.
More details shortly…