The IMF urged Nigeria to sharply reduce its reliance on oil revenue, raise more non-oil revenue to fund infrastructure, healthcare and education, and implement reforms to improve the business climate and create jobs. IMF African Department Director Zeine Zeidane advised replacing broad subsidies, especially energy subsidies that mostly benefit wealthier groups, with targeted support for vulnerable households and gradually phasing subsidies out. He backed the Central Bank of Nigeria's rate cut after inflation fell, describing it as a normalisation of policy rather than an expansionary shift, since monetary conditions remain tight. Deputy Director Montfort Mlachila said improved oil prices had boosted foreign exchange earnings and reserves, and the IMF projects growth of 4.2% in 2026 and 4.3% in 2027, after 4.0% in 2025.
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