Economist Endorses IMF's Food Support Call for Nigeria

Dr Muda Yusuf, the chief executive officer of the Centre for the Promotion of Private Enterprise, endorsed the International Monetary Fund's (IMF) recommendation for the Federal Government of Nigeria to increase targeted food and income support for vulnerable populations. He emphasized that such interventions should be temporary, transparent, and safeguarded against diversion.

The IMF's October 2026 World Economic Outlook, released during the IMF and World Bank Annual Meetings in Bangkok, Thailand, raised Nigeria's growth forecast for 2026 to 4.2 percent. However, it cautioned that rising prices of essential goods could exacerbate poverty and food insecurity.

Deniz Igan, the IMF Research Department’s Division Chief, advocated for cash transfers and targeted income support for the most vulnerable households, funded through efficient government spending. Yusuf welcomed the government's petrol price relief initiative via the Nigerian National Petroleum Company Limited but noted its limited coverage would restrict its impact on household welfare.