The Presidency has welcomed the International Monetary Fund’s (IMF) upward revision of Nigeria’s economic growth projections, attributing the improvement to President Bola Tinubu’s fiscal, energy, trade, and investment reforms.
During the World Bank and IMF Annual Meetings in Washington, D.C., the IMF raised Nigeria’s GDP growth forecast to 3.9 per cent for 2025 and 4.2 per cent for 2026, up from a previous estimate of 3.4 per cent in July 2025.
In a statement posted on X, Special Adviser to the President on Public Communications and Media, Daniel Bwala, credited the revision to the “competence and foresight” of Tinubu’s economic team.
“I must emphasise that these projections are not coincidental; they reflect President Tinubu’s bold reforms in fiscal management, energy, trade, and investment,” Bwala said, noting that the World Bank had also upgraded Nigeria’s 2025 growth outlook to 4.2 per cent, with a further rise to 4.4 per cent by 2027.
The aide highlighted that the reforms have bolstered investor confidence and macroeconomic stability, while also remarking on political shifts, as some opposition governors reportedly join the ruling All Progressives Congress (APC) in response to the government’s performance.
The IMF’s 2025 World Economic Outlook, titled Global Economy in Flux, projected Nigeria’s real GDP will grow slightly below 2024’s 4.1 per cent but expected to accelerate to 4.2 per cent in 2026. The Fund cited higher oil production, supportive fiscal policies, and improved investor sentiment as key drivers of growth.
The report also noted that energy and financial sector reforms have attracted renewed capital inflows, while recent exchange rate adjustments have enhanced transparency in the foreign exchange market.
Despite the positive growth outlook, the IMF projected a gradual decline in inflation, with average consumer prices falling from 31.4 per cent in 2024 to 23 per cent in 2025, and to 22 per cent in 2026. End-of-period inflation is expected at 21 per cent in 2025 and 18 per cent in 2026, amid ongoing food and energy price pressures.
Nigeria’s current account surplus is forecast to narrow from 6.8 per cent of GDP in 2024 to 5.7 per cent in 2025, and further to 3.6 per cent in 2026, as higher imports partially offset gains from oil exports.
The Presidency described the IMF’s revised forecast as confirmation of the impact of Tinubu’s reforms on economic stability and growth prospects in Nigeria.
