In a significant endorsement of Nigeria’s ongoing economic transformation, Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), expressed strong support for President Bola Tinubu’s economic reforms. Georgieva’s remarks came after a productive meeting with Tinubu at the recent G20 summit in Brazil.
Georgieva took to X (formerly Twitter), where she commended the Nigerian government’s decisive actions aimed at reforming the economy. “Excellent meeting with President @officialABAT at the #G20 Summit,” she wrote. “Commended Nigeria’s decisive actions to reform the economy, accelerate growth, and generate jobs for its vibrant population. The IMF strongly supports Nigeria on this journey.”
The IMF’s backing highlights the critical reforms implemented under Tinubu’s administration, including the controversial removal of the petrol subsidy, the liberalisation of the foreign exchange system, and the deregulation of the petroleum downstream sector.
These bold moves are expected to reshape Nigeria’s economy, restore investor confidence, and attract much-needed investment in key sectors.
Tinubu has long acknowledged the economic challenges facing the country, particularly the instability that has hindered growth for decades.
During his address on June 12, Nigeria’s 25th democracy anniversary, he emphasized the urgency of implementing reforms, which his administration has been working on since taking office.
In a similar vein, the World Bank has also acknowledged positive results from these reforms.
At the launch of the Nigeria Development Update (NDU) report on October 17, the World Bank noted that while the country is experiencing progress, the persistence of hardships among Nigerians remains a challenge.
It cautioned that sustaining these reforms is essential for the nation’s future prosperity.
Georgieva’s remarks, combined with the IMF’s earlier praise on October 25, reinforce the international community’s recognition of Nigeria’s efforts to reset its economy, despite the domestic challenges.
For many, the true test will be whether these reforms can bring about tangible improvements in the daily lives of Nigerians, ensuring long-term growth and stability.