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IMF Lauds Nigeria’s Economic Reforms amid Signs of Durable Recovery

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By Tony Obiechina, Abuja

Reversing years of economic volatility, the International Monetary Fund’s latest Article IV Consultation affirms a new reality: Nigeria is making meaningful progress following a series of significant structural reforms to restore financial discipline and credibility.

The IMF commended Nigeria’s authorities for bold and politically difficult policies that have “Improved macroeconomic stability and enhanced resilience.
”A critical pillar of Nigeria’s economic reset has been the restoration of central bank independence.After years of excessive fiscal influence for deficit financing, the Central Bank of Nigeria (CBN) has curtailed the use of the “Ways and Means” facility – an emergency funding channel that ballooned beyond statutory limits.
As of April 2025, these advances have been cut by nearly 90 percent, demonstrating what the IMF called the “discontinuation of deficit monetisation” and a step to “strengthen central bank governance to set the institutional foundation for inflation targeting.”The CBN’s commitment to price stability is yielding tangible results. Headline inflation, which peaked above 40 percent, dropped to 22.9 percent in May 2025. The IMF noted that the Central Bank is “appropriately maintaining a tight monetary policy stance, which should continue until disinflation becomes entrenched.”IMF Applauds FX Reforms.As stated in the IMF Executive Board Assessment, the Fund also “praised reforms to the foreign exchange market that supported price discovery and liquidity.”The CBN, under the leadership of Governor Olayemi Cardoso, dismantled the long-standing multiple exchange-rate regime, replacing it with a “willing-buyer, willing-seller” framework supported by a digital trading platform (B-Match).The results have been transformative. As the IMF noted, “gross and net international reserves increased in 2024, with a strong current account surplus and improved portfolio inflows.”The FX premium, or gap between official and parallel markets, has fallen from over 60 percent to below 3 percent. FX inflows have surged to $6.9 billion in Q1 2025, and external reserves climbed to a peak of $40.9 billion at the end of 2024, providing over eight months of import–well above benchmark thresholds. “Reforms to the FX market and foreign exchange interventions have brought stability to the naira,” the IMF noted.In January 2025, Nigeria successfully returned to the Eurobond market, its first issue in four years, reflecting, as the IMF noted, “strengthened investor confidence” and “a resumption of portfolio inflows.”The Fund “recognised actions to strengthen the banking system, including the ongoing process of increasing banks’ minimum capital,” as stated in the IMF Executive Board Assessment. It also “welcomed the authorities’ efforts to boost financial inclusion and promote capital market development.”The CBN’s recapitalisation plan will see banks’ minimum capital raised significantly by March 2026. This move is designed to ensure banks can absorb future shocks, deepen credit access, and support the planning for a$1 trillion Nigerian economy.At the same time, Governor Cardoso’s team is expanding access to banking services for previously excluded demographics through digital platforms and financial literacy programmes, such as the Women’s Financial Inclusion Initiative (Wi-Fi).‘Strong Foundation’As stated in the IMF Executive Board Assessment, the Fund “welcomed progress made in strengthening the AML/ CFT framework”, Anti-Money Laundering and Combating the Financing of Terrorism. It “stressed the importance of resolving remaining weaknesses to exit the FATF grey list,” a designation for jurisdictions under increased monitoring by the Financial Action Task Force due to gaps in their anti-financial crime regimes.

Further significant challenges remain. Inflation, though declining, remains a burden. Infrastructure deficits, insecurity, and fiscal slippages could derail progress. The Fund “highlighted the importance of tackling security, red tape, agricultural productivity, infrastructure gaps, including boosting electricity supply, as well as improved health and education spending, and making the economy more resilient to climate events.”Recent reforms “should help establish a strong foundation for sustained and inclusive growth,” the IMF noted. “Fiscal and monetary tightening and exchange rate reforms contributed to improved macroeconomic balances.”The IMF also noted that in light of the challenges posed by an evolving global economic landscape, “nimble policymaking is needed to navigate this fast-moving and volatile environment. Strong policy coordination and communication are key.”Reflecting on the IMF report, Governor Cardoso commented: “At a time of global uncertainty, this assessment reaffirms that responsible, forward-looking policy choices matter. It affirms that Nigeria is regaining credibility, anchoring expectations, and laying the foundation for inclusive, long-term growth. It is both an encouragement to stay the course, and a reminder that resilience and prosperity require continued discipline and vision.”

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2027: INEC ‌‍‍‍⁠⁠‌⁠‍‍‌‍‌Appeals for Peaceful Conduct, Promises Neutrality

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The Independent National Electoral Commission (INEC) has appealed to political parties, candidates and voters to ensure peaceful conduct before, during and after the 2027 general election.

Resident Electoral Commissioner (REC) of INEC in Ondo State, Dr Mutiu Agboke, made the appeal at a major stakeholders meeting on Thursday at the commission’s offices at Akure South and North Local Government Area of the state.

Political parties, security agencies, traditional rulers, religious leaders, NYSC members, National Association of Transport Owners (NATO) and other drivers union, among others were present.

Agboke, who visited the traditional ruler of Iju and Ita-Ogbolu in Akure North Local Government Area, said the stakeholders meeting became necessary to ensure the forthcoming election was free, fair and credible.

According to him, credible elections are a collective responsibility and that security, traditional institutions and transport unions all play a critical role in protecting voters, officials and election materials.

The REC, who said INEC would remain neutral and transparent, warned that the commission would not tolerate partisan leaning, vote-buying, intimidation or any act capable of undermining the credibility of the poll.

“This advocacy is for the commission and our major stakeholders to be on the same page because our expectation is to let votes count.

“The recent elections conducted by INEC are enough proof to show that people’s votes determine the direction of who wins.

“Meanwhile, we don’t want them to engage in violence, nobody should allow him or herself or wards to be used for violence and desist from engaging in vote buying.

“It is only votes lawfully cast and duly counted would determine winners,” he said.

He, therefore, assured that INEC officials had been trained to adhere strictly to the Electoral Act and its guidelines, while the commission’s doors remained open for questions and clarifications to avoid misinformation.

Agboke reiterated INEC’s promise of neutrality, saying that preparations for the 2027 general elections had already begun in earnest.

According to the REC, the success recorded in recent by-elections in the state will be built upon to deliver free, fair and inclusive polls that reflect the will of the people.

In their separate responses, Oba Idowu Faborode, The Ogbolu of Ita-Ogbolu; Oba Amos Farukanmi, The Okiti of Iju and religious leaders, pledged to sensitise their subjects and congregations on non-violence.

Also, Dr Gbenga Jemiloye, Akure South Local Government Chairman of All Progressive Congress (APC), applauded the commission for the meeting, saying it showed INEC was ready for the election.

The security agencies and drivers union assured of adequate deployment across the state, while the transport unions committed to timely movement of personnel and materials.(NAN)

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DAILY ASSET Loses Political Editor, Mike Odiakose at 63

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By David Torough, Abuja

The management and staff of DAILY ASSET have announced the death of the newspaper’s Political Editor, Mike Odiakose, who passed away in the early hours of Thursday at the Federal Medical Centre, Keffi, following a brief illness.

Odiakose, aged 63, was described by the management of DAILY ASSET as an accomplished journalist, who served with dedication across various media organisations in Nigeria before joining the newspaper two years ago.

In a statement personally signed by the Publisher and Editor-in-Chief of DAILY ASSET, Dr.

Cletus Akwaya, the newspaper expressed sadness over the death of the veteran journalist, saying he would be deeply missed by his colleagues and members of the wider media community.

“Management and Staff of DAILY ASSET regret to announce the sudden passing of our Political Editor, Mr Mike Odiakose in the early hours of today (Yesterday), following a brief illness at the Federal Medical Centre Keffi,” the statement said.

The management noted that Odiakose’s contributions to journalism extended beyond DAILY ASSET, where he worked for two years, having previously served with dedication in several media organisations across the country.

He is survived by his wife and children.

The newspaper prayed for the peaceful repose of his soul and offered its condolences to his family, colleagues and associates.

“May his gentle soul rest in perfect peace. Amen,” the statement added.

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Poco Lee’s Management Praises Zlatan’s Support, Urges Restraint

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The management of Nigerian dancer and entertainer, Iweh Odinaka, popularly known as Poco Lee, has called for restraint in the spread of negative narratives surrounding the entertainer’s ongoing legal case in the United Kingdom.

The management, in a statement issued on Wednesday by Poco Lee’s manager, Faleye “Dee-Y” Adedoyin, also acknowledged the support of Nigerian singer, Zlatan Ibile, and others during the entertainer’s legal ordeal.

Adedoyin said Zlatan and others had been “extremely supportive and helpful” throughout the matter, adding that their involvement had been vital to moving things forward.

The statement read, “We would like to publicly acknowledge that Zlatan, along with others, has been extremely supportive and helpful through this matter.

“Their involvement, support, and effort have been vital to moving things forward.

“We deeply value their ongoing support and dedication and we kindly request that everyone refrain from spreading negative narratives.”

The manager signed off the statement as “Poco’s Management.”

The statement followed reports and comments about Poco Lee’s UK trip and the circumstances surrounding his ongoing court case.

Social commentator Martins Otse, popularly known as VeryDarkMan, had made the claims, questioning reports that Poco Lee had travelled to the UK for a Davido show.

In an Instagram post, VeryDarkMan claimed that Poco Lee travelled to the UK for a Zlatan show rather than a Davido concert.

He also questioned why people were defending Poco Lee while the case remained before the court.

VeryDarkMan said, “In between Poco Lee didn’t travel to the UK for a Davido show, it was for a Zlatan show.”

He also said Poco Lee should be allowed to face the court process, adding that “court case na stress” and praying that the matter would end soon.

The latest development comes amid ongoing proceedings against Poco Lee in the UK.

Poco Lee was granted bail on September 11 ahead of his scheduled appearance at Snaresbrook Crown Court on September 15. The court had confirmed the bail and hearing date to PUNCH Online.

However, the September 15 plea and trial preparation hearing was adjourned to February 8, 2027, after the charge sheet was reportedly unavailable and Poco Lee did not appear in court. The trial was subsequently scheduled for March 8, 2027.

Poco Lee is facing five sexual offence charges in the UK: attempted rape, two counts of rape and two counts of assault by penetration. He has denied the allegations and has not been convicted of any offence.

His management had previously urged the public and media to exercise restraint, particularly over unverified narratives surrounding the case, saying allegations should not be treated as evidence of guilt.

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