Senate To Meet IMF Over Nigeria’s Economic Outlook Under Tinubu

The leadership of the Nigerian Senate is set to hold a high-level meeting with officials of the International Monetary Fund (IMF) as part of consultations on Nigeria’s economic outlook and the ongoing reform programmes under the administration of Bola Tinubu.

Naija News reports that the engagement forms part of the IMF’s Article IV Consultation with Nigeria, a routine assessment conducted by the global financial institution to evaluate a country’s economic policies, financial stability and reform progress.

The meeting is expected to provide lawmakers with deeper insights into the Federal Government’s economic management framework and explore potential areas of support that the IMF could offer as the government continues its sweeping economic reforms.

The planned engagement was disclosed by the Deputy President of the Senate, Barau Jibrin.

According to him, the IMF consultation exercise in Nigeria is scheduled to run from March 4 to March 17, 2026, during which the Fund’s team will meet with key government institutions and stakeholders.

Part of the notice read, “The Federal Office of Finance wishes to inform the leadership of the Senate and distinguished senators that, at the instance of the Federal Government of Nigeria, the International Monetary Fund Article IV Consultation in Nigeria has been scheduled to hold from March 4 to March 17, 2026.”

The letter further revealed that the IMF specifically requested a high-level interaction with the Senate leadership as part of the consultation process.

The meeting is expected to serve as a platform for dialogue between lawmakers and IMF officials on Nigeria’s economic direction, policy reforms and strategies for strengthening macroeconomic stability.

The consultations are also expected to focus on the impact of the Federal Government’s fiscal and monetary reforms as well as the broader outlook for the Nigerian economy.

Nigeria’s economic outlook for 2025 has been described by global financial institutions as cautiously improving, though still fragile.

The International Monetary Fund and the World Bank have noted that recent economic reforms and gradual macroeconomic adjustments are beginning to stabilise the country’s economy after a period characterised by high inflation, exchange-rate volatility and weak oil production.

For 2025, the IMF projected that Nigeria’s economy would grow by about 3.4 per cent, reflecting modest improvement as economic activity strengthens, particularly in non-oil sectors.

However, the institution warned that the outlook remains constrained by persistent inflationary pressures, fiscal challenges and structural bottlenecks, including issues related to energy supply and infrastructure.

The World Bank similarly projected that Nigeria’s economy could record average growth of about 3.6 per cent between 2025 and 2026.

According to the Bank, reforms such as the removal of fuel subsidies, exchange-rate unification and tighter monetary policies are helping to improve investor confidence and stabilise government finances.

Economic expansion during this period has been largely driven by the services sector, particularly telecommunications and financial services.

Looking ahead, global institutions have expressed stronger optimism about Nigeria’s economic prospects.

The IMF recently revised Nigeria’s growth forecast upward to about 4.4 per cent in 2026, reflecting expectations that ongoing fiscal and monetary reforms will gradually strengthen macroeconomic stability and productivity.

Similarly, the World Bank projected that Nigeria’s economy could expand by around 4.4 per cent in both 2026 and 2027, potentially marking the country’s fastest growth pace in more than a decade.

The anticipated growth is expected to be driven by services, agriculture and non-oil industries as the country intensifies efforts to diversify its economy.

Meanwhile, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on Thursday, said Nigeria’s ongoing macroeconomic reforms have positioned the country’s economy to withstand potential shocks arising from escalating tensions in the Middle East.

Cardoso stated this while delivering a Distinguished Alumni Lecture during the Founders’ Day celebration of St Gregory’s College in Lagos.

He noted that the global economy is currently facing renewed uncertainties driven by geopolitical tensions, particularly the evolving crisis involving the United States, Israel and Iran.

According to him, the situation could result in rising energy prices, disruptions in global supply chains and increased risk aversion among international investors.

Cardoso, however, maintained that economic reforms introduced over the past two years have strengthened Nigeria’s macroeconomic buffers and placed the country in a better position to absorb potential external shocks.

He said, “Today, the global economy is facing renewed shocks, including continued geopolitical tensions and developments in the US–Israel–Iran conflict. These events have the potential to push energy prices higher, disrupt supply chains and increase risk aversion among global investors.

“But the macroeconomic reforms and policy buffers we have built over the past two years have placed Nigeria in a far stronger position to navigate these challenges. The storms may come, but our house will stand firm.”

The apex bank governor also disclosed that the country’s foreign exchange market has become more liquid and efficient following policy reforms introduced by the central bank.

According to him, deliberate policy measures implemented by the bank have helped eliminate distortions in the foreign exchange market while restoring investor confidence.