Nigeria has continued its engagement with the International Monetary Fund (IMF) about its ongoing reforms, medium-term outlook, and preparations for the 2026–2030 National Development Plan.
Over the weekend, Minister of Budget and Economic Planning, Senator Abubakar Bagudu, met with a high-level delegation from the IMF, led by its Assistant Director, African Department, Mr. Axel Schimmelpfennig, to further discuss the subject matter.
The engagement came as the global economy moves towards reform-oriented and resilient growth, and the country continues to establish itself as a prominent advocate for evidence-based policymaking and inclusive economic transformation.
Bagudu said He said the federal government is working to make the plan a reflection of the country’s collective ambition — one that incorporates fiscal discipline, subnational collaboration, and the reforms necessary to sustain long-term growth.
The visit was part of the IMF’s consultative mission to review Nigeria’s fiscal priorities, macroeconomic framework, and reform trajectory ahead of the IMF’s subsequent country report.
Schimmelpfennig however, commended Nigeria’s reform momentum adding that the fund was interested in understanding how the country’s medium-term strategy aligns with its broader development agenda.
He also hailed the country’s consistent policy coherence which he said, highlights its institutional maturity, noting that pre-election years often yield uncertainty.
He said, “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.
“Every country manages pre-election periods differently,” Schimmelpfennig noted, stating, “But what we see in Nigeria is a continued commitment to reform and policy consistency — a signal of growing institutional strength.”
Responding to the IMF official’s inquiry about Nigeria’s medium-term outlook and the upcoming National Development Plan, Bagudu reaffirmed the government’s commitment to aligning fiscal reforms with national planning to ensure coherence, efficiency, and inclusive growth.
He also expressed gratitude for the IMF’s constructive engagement and technical assistance over the past two and a half years.
The minister said, , “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.”
Bagudu stressed that the reform journey under President Bola Tinubu had been characterised by discipline, inclusion, and transparency — values that have started to produce measurable progress.
He emphasised that the administration’s vision of a $1 trillion economy by 2030 was based on disciplined reforms and coordinated national planning.
Bagudu noted that the Renewed Hope Ward-Based Development Plan aims to identify and utilise the economic potential of Nigeria’s 8,809 wards, creating a framework for inclusive, bottom-up growth.
He further explained the ongoing work on the 2026–2030 National Development Plan, which seeks to align strategies across federal, state, and local governments into a cohesive, data-informed framework for sustainable development.
He also underlined the importance of ongoing collaboration with the IMF on macroeconomic modelling, fiscal planning, and comparative global development data to enhance policy insights, noting that Nigeria’s approach to reform remains flexible and future-oriented, stating “We are not lamenting; we are learning and refining”.
He said, “Our partnership with the IMF is about innovation, not dependency, and will continue to guide Nigeria’s reform-driven path towards sustainable growth.”
James Emejo
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