The International Monetary Fund (IMF) has advised the Nigerian government to complement its ongoing economic stabilisation efforts with targeted social welfare programmes to protect the nation’s most vulnerable citizens.
Speaking at a routine press conference in Washington, D.C., on Thursday, the IMF Director of Communications, Julie Kozack, acknowledged the harsh economic realities faced by many Nigerians.
She welcomed Nigeria’s reform agenda aimed at stabilising the economy and driving growth, but emphasized the need for social safety nets to cushion the impact on low-income households.
“We recognise the extremely difficult situation that many Nigerians face,” Kozack stated. “The authorities’ policies to stabilise the economy and promote growth are welcomed. However, they must be accompanied by targeted social transfers to support the most vulnerable populations.”
She urged the federal government to prioritise the completion of the cash transfers to vulnerable households and improve domestic revenue mobilisation
Kozack also announced that IMF staff would visit Nigeria next week to prepare for the 2025 Article IV Consultation.
Under Article IV of the IMF’s Articles of Agreement, the IMF conducts annual bilateral discussions with member countries.
As part of this process, a staff team visits the country, gathers economic and financial data, and engages with officials on economic policies and developments.