The International Monetary Fund (IMF) and the Federal Government have opened discussions in Abuja on the country’s ongoing economic reforms, medium-term outlook, and preparations for the 2026–2030 National Development Plan.
The meeting, on Friday, brought together the IMF delegation led by Mr. Axel Schimmelpfennig, Assistant Director of the IMF’s African Department, and Minister of Budget and Economic Planning, Senator Abubakar Bagudu.
The engagement formed part of the IMF’s consultative mission to review Nigeria’s fiscal priorities, macroeconomic framework, and reform direction ahead of its next country report.
IlSchimmelpfennig acknowledged Nigeria’s reform progress and expressed the IMF’s interest in understanding how the country’s medium-term strategy aligns with its development objectives.
“We would like to hear your thoughts on current developments — your outlook for the next year and the medium term,” he said.
“We understand that you are preparing the medium-term framework, the National Development Plan, and the 2026 budget. Having your overall vision at this stage will be extremely helpful.”
He noted that while pre-election periods can often bring uncertainty, Nigeria’s policy coherence signals institutional maturity. “Every country manages pre-election periods differently,” Schimmelpfennig observed. “But what we see in Nigeria is a continued commitment to reform and policy consistency — a signal of growing institutional strength.”
Responding, Bagudu said the government remains committed to aligning fiscal reforms with national planning to promote coherence, efficiency, and inclusive growth. He expressed appreciation for the IMF’s constructive engagement and technical assistance over the past two and a half years.
“We are deeply grateful for the guidance and encouragement we have received from the IMF and World Bank. Your interrogation and feedback have played a vital role in refining our reforms and ensuring that our economic management remains evidence-based,” the minister stated.
According to Bagudu, Nigeria’s reform efforts under President Bola Tinubu have been driven by discipline, inclusion, and transparency — principles that are beginning to yield measurable results.
He explained that the administration’s target of building a $1 trillion economy by 2030 is anchored on disciplined reforms and coordinated national planning. The minister added that the Renewed Hope Ward-Based Development Plan seeks to harness the economic potential of Nigeria’s 8,809 wards, providing a framework for inclusive, bottom-up growth.
Bagudu also spoke on the development of the 2026–2030 National Development Plan, which aims to integrate federal, state, and local strategies into a cohesive and data-driven roadmap for sustainable growth.
“We are working to make the plan a reflection of Nigeria’s collective ambition — one that incorporates fiscal discipline, subnational collaboration, and the reforms necessary to sustain long-term growth,” he said.
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