Nigeria is stepping up work with the International Monetary Fund as it shapes its economic direction for the second half of the decade. Senior IMF officials met with Minister of Budget and Economic Planning Abubakar Bagudu in Abuja to discuss priorities for the country’s 2026–2030 National Development Plan and assess ongoing reforms.
The talks, led by Axel Schimmelpfennig from the IMF’s African Department, reviewed Nigeria’s medium-term outlook, fiscal plans, and broader reform efforts ahead of the Fund’s next country report.
Schimmelpfennig welcomed the pace of reforms and said Nigeria’s continued policy consistency, even ahead of elections, shows growing institutional strength. He noted that the Fund wants a clearer picture of the government’s economic vision, including how the 2026 budget and new development plan will support long-term goals.
Having your overall vision at this stage will be extremely helpful.
Axel Schimmelpfennig
Bottom-up growth strategy
Bagudu said the government remains committed to disciplined and transparent reforms under President Bola Tinubu and is working to align fiscal policy with national planning. He credited the IMF and World Bank for helping strengthen evidence-based decision-making and refine elements of the reform program.
A central priority, he said, is the target of building a $1 trillion economy by 2030. To support that target, the government is developing the Renewed Hope Ward-Based Development Plan, which aims to draw economic potential from all 8,809 wards across the country and encourage locally driven growth.
The new national plan is expected to bring federal, state, and local strategies into one coordinated, data-focused framework. According to Bagudu, continued engagement with the IMF on economic modelling and fiscal planning will support that effort and help Nigeria stay adaptable. He described the country’s reform path as cooperative and forward-looking, focused on innovation rather than dependency as Nigeria prepares for the next phase of growth.
