Last week, Nigeria emerged as a standout presence at the 2025 Annual Meetings of the International Monetary Fund (IMF) and the World Bank, held in Washington D.C., where global economic challenges provided the backdrop for what turned out to be a week of recognition, renewed investor confidence, and growing influence for Africa’s most populous economy.
In a gathering where tough macroeconomic headwinds dominated the agenda, Nigeria carved out a compelling narrative—one built on bold reforms, policy clarity, and an unmistakable commitment to restoring macroeconomic stability.
Led by Olayemi Cardoso, governor,
Central Bank of Nigeria (CBN), the delegation arrived with a strong message: the country’s economic reforms are not only working, but are also beginning to yield measurable results.
With Wale Edun, minister of finance and coordinating minister of the economy absent due to medical reasons, Cardoso stepped into the spotlight, supported by a robust delegation that included Doris Uzoka-Anite, Minister of state for finance; Mohammed Sani Abdullahi, CBN Deputy governor, Economic Policy;
Patience Oniha, Director General, Debt Management Office; Tope Fasua, Special Adviser to the President on Economic Matters; Ayodeji Ariyo Gbeleyi, Director-General, Bureau of Public Enterprises (BPE), among other dignitaries.
“This has been a defining moment for Nigeria,” Cardoso told the press. “An opportunity to showcase the tangible progress of our reform agenda and reaffirm our commitment to macroeconomic stability, fiscal discipline, and inclusive growth.”
One of the most symbolic highlights of the meetings was Nigeria’s election as the next chair of the Intergovernmental Group of Twenty-Four (G-24), an influential bloc of developing nations from Africa, Asia, Latin America, and the Caribbean.
This development not only elevated Nigeria’s stature on the multilateral stage, but also confirmed the international community’s growing confidence in the country’s economic stewardship. Nigeria will take over from Argentina on November 1, with the ambition of driving a forward-looking agenda centered on development finance, debt sustainability, and inclusion.
Cardoso was clear that Nigeria’s new leadership role at the G-24 is more than ceremonial. “This milestone underscores international confidence in Nigeria’s leadership and our growing influence in shaping the global financial architecture,” Cardoso told journalists during a press briefing at the conclusion of the meetings.
That global role is increasingly credible as Nigeria signed a Memorandum of Understanding with the Central Bank of Angola during the week, to strengthen regional monetary cooperation and financial stability. This, Cardoso said, is in line with Nigeria’s broader goal to enhance its influence in regional and multilateral institutions.
The Governor also shared tangible data points underscoring the progress made so far. Headline inflation, he noted, declined for the sixth consecutive month in September, falling to 18.02%—its lowest point in three years. The foreign exchange market has stabilised, with the naira appreciating and the gap between official and parallel market rates narrowing to under 2%. Foreign reserves are now above $43 billion, bolstered by improved confidence, non-oil inflows, and returning portfolio investors.
On monetary policy, Cardoso emphasised the return to orthodox tools—interest rate adjustments, liquidity management, and data-driven forecasting. “We’ve restored orthodoxy. We are focused on transparency, market signals, and long-term confidence. And it’s delivering,” he said.
It was against this backdrop that the IMF released a brighter near-term outlook for Nigeria’s economy. Deniz Igan, Division Chief in the IMF’s Research Department, announced at the launch of the World Economic Outlook (WEO) that Nigeria’s GDP growth projection had been revised upward significantly.
“For 2025, we revised upward the growth rate for Nigeria to 3.9%, which is 0.5 percentage points higher than what we had before. We have also upgraded the 2026 growth projection by 0.9 percentage point to 4.2%,” Igan said. The 2024 growth estimate was also adjusted to 4.1%, up by 0.7 percentage point from earlier forecasts.
She attributed these improvements to a mix of structural and external developments: “The upward revision reflects Nigeria’s GDP rebasing—which now captures previously underrepresented informal sector activities—as well as macroeconomic stability, improved investor confidence, a supportive fiscal stance, and rising oil production under better security conditions.”
Since July, the IMF noted, the naira has appreciated and financial conditions have improved, helping to drive investor sentiment. “Hydrocarbon growth was also revised up with higher oil output, and Nigeria’s limited exposure to U.S. tariffs helped cushion against global shocks,” Igan added.
That progress was also acknowledged by Abebe Aemro Selassie, Director of the IMF’s African Department, who offered a measured but supportive appraisal of Nigeria’s economic direction.
Addressing a press conference on the regional outlook for Sub-Saharan Africa, Selassie highlighted two core priorities: domestic revenue mobilisation and debt management—both areas which Nigeria is now actively addressing.
“There is substantial scope to boost revenues through improved tax administration and policy reforms,” Selassie said, pointing to digitalisation, risk-based compliance strategies, and the need to rationalise inefficient tax expenditures. Yet he warned that success will depend on stronger technical capacity, political buy-in, and attention to the social impact of such reforms.
On debt, he urged countries—including Nigeria—to strengthen transparency and public financial management to reduce fiscal risk. “Priority actions include publishing comprehensive debt data, improving budget oversight, and addressing the bank-sovereign nexus,” he said.
Selassie also weighed in on Nigeria’s inflation dynamics, calling recent trends consistent with monetary tightening. “While monetary policy has been intelligently managed, I believe there is still some distance to go before achieving the desired stability,” he said.
He clarified that Nigeria, like many others, is witnessing a slowdown in the rate of inflation, not a reversal in prices. “This is not unique to our countries—it’s a global phenomenon—but particularly acute in our region due to limited buffers.”
The economic team’s messaging focused on how fiscal and monetary reforms are increasingly integrated. The removal of fuel subsidies, enhanced tax collection, unification of exchange rates, and rationalisation of government spending were frequently cited as pivotal measures that have created fiscal space, reduced distortions, and improved Nigeria’s credibility with investors and multilateral institutions alike.
Minister Uzoka-Anite reinforced this narrative in a media chat on the sidelines of the meetings, saying, “Everyone is really excited about the reforms and the macroeconomic stability that has followed. To them here, it’s like a miracle that we could do such bold reforms, multiple reforms—not just one—and within two years, we are witnessing growth.”
She pointed to GDP growth of 4.23%—now outpacing population growth—as a key turning point. “That means a child born today is growing up in an economy that can provide for him or her. That’s the hope President Tinubu’s reforms have brought.”
Uzoka-Anite linked falling inflation to improved clarity in the FX market, which she said is reducing the high cost pass-through that previously distorted prices. “There is more confidence. Traders and manufacturers are pricing FX better, and it’s bringing food and manufactured goods down,” she explained.
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She also highlighted a wave of investor interest, reinforced by a successful Nigeria Investor Forum in Washington. “It was all the investors asking: when is Nigeria coming to the market?” she said, pointing to Nigeria’s growing credibility in the Eurobond space. Meanwhile, FDI commitments, such as Shell’s $2 billion investment, are further evidence that confidence is turning into capital.
Beyond the numbers, she said, the government is focused on translating reform gains into social impact. “Social protection is one of the core pillars of President Tinubu’s Renewed Hope Agenda. It’s not just about growth—it’s about jobs, healthcare, education, and lifting people.”
As the week-long meetings drew to a close, Nigeria’s delegation emerged with renewed confidence and a clear message that the economy is stabilising, policy direction is now coherent, and global investors—as well as multilateral partners—are beginning to take notice.
For the first time in years, Nigeria not only showed up, it stood out.