IMF Reports High Poverty in Nigeria Amid Economic Growth

The International Monetary Fund (IMF) stated on Tuesday that although Nigeria's economic growth is holding up, poverty levels remain high, and the population continues to suffer. The IMF urged the Nigerian government to provide targeted, temporary support to vulnerable households.

The organization noted that the disproportionate increase in food and energy prices has intensified the cost-of-living crisis, emphasizing the need for policymakers to balance immediate household needs with medium-term fiscal stability. The IMF upgraded Nigeria's economic growth projection for 2026 by 0.1 percentage point to 4.2 percent, while maintaining its 2027 forecast at 4.3 percent.

These projections were included in the IMF's 2026 World Economic Outlook, titled “Resilience Under Strain, Urgent Choices,” released during the ongoing Annual Meetings in Bangkok, Thailand. Deniz Igan, the Research Department Division Chief, highlighted the importance of addressing food and energy security while ensuring medium-term economic stability.