IMF Urges Nigeria to Address High Poverty Amid Growth

The International Monetary Fund (IMF) warned that poverty remains high in Nigeria despite resilient economic growth, urging the federal government to provide targeted support to vulnerable households amid rising food and energy costs. The IMF raised Nigeria’s economic growth forecast for 2026 by 0.1 percentage point to 4.2%, while maintaining its 2027 projection at 4.3%.

This assessment was made during the IMF/World Bank Annual Meetings in Bangkok, Thailand. Taiwo Oyedele, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, chaired the Group of 24 (G-24) which called for more affordable development financing from the IMF and World Bank.

Deniz Igan, Chief of the IMF’s Research Department Division, emphasized the need for policymakers to balance immediate household needs with medium-term fiscal stability. The IMF acknowledged improvements in Nigeria’s inflation outlook but noted that the benefits of economic growth had not sufficiently addressed widespread poverty and household hardship.