Nigeria’s economy on steady growth path despite global headwinds, says IMF
Despite global economic headwinds and a downward revision in growth, Nigeria remains on a stable path, buoyed by sound economic policies and international support, according to the latest IMF World Economic Outlook and remarks by top Nigerian officials at the Spring Meetings in Washington DC.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, speaking at the Bretton Woods Institutions’ Spring Meetings, emphasized that institutions like the IMF and World Bank remain crucial partners for nations like Nigeria navigating economic turbulence.
As First Vice-Chair of the G-24, Edun acknowledged the readiness of these institutions to support countries with necessary policy buffers and financial instruments.
“At this time of heightened global uncertainty, what we have heard from them is that they stand ready and very much willing and capable to help countries… to stay the course for those on a path to growth and poverty reduction,” Edun stated.
His remarks come at a time when the IMF has projected a global GDP slowdown to 2.8% in 2025 due to trade tensions and policy uncertainty. Despite these global pressures, Nigeria’s growth downgrade of only 0.2 percentage points for 2025, attributed largely to lower oil prices, places it among the more resilient emerging economies.
While other major economies like the US, China, and the Eurozone face sharper declines, Nigeria’s relatively modest revision suggests its macroeconomic framework and reform efforts are cushioning the shocks.
Director of the G-24 Secretariat, Iyabo Masha, reinforced this optimism, noting that multilateral institutions remain relevant and effective in navigating the current complexities.
As the IMF encourages reforms to strengthen labor force participation and resilience, Nigeria’s proactive fiscal management and push for diversification signal a strategic alignment with global best practices.
