A delegation from the International Monetary Fund (IMF), led by the Assistant Director of its African Department, Mr Axel Schimmelpfennig, has met with the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, in Abuja to deliberate on Nigeria’s ongoing reforms, medium-term outlook, and preparations for the 2026–2030 National Development Plan.
The visit was part of the IMF’s consultative mission to assess Nigeria’s fiscal priorities, macroeconomic framework, and reform agenda ahead of its forthcoming country report.
In his remarks, Mr Schimmelpfennig commended Nigeria’s reform progress and expressed the Fund’s interest in understanding how the country’s medium-term strategy aligns with its wider development goals.
“We would like to hear your thoughts on current developments, your outlook for the next year and the medium term,” he said. “We understand that you are preparing the medium-term framework, the National Development Plan, and the 2026 budget. Having your overall vision at this stage will be extremely helpful.”
He added that, despite global uncertainties and Nigeria’s approaching election period, the country’s consistent policy direction reflects growing institutional maturity.
“Every country manages pre-election periods differently,” he noted. “But what we see in Nigeria is a continued commitment to reform and policy consistency, a signal of growing institutional strength.”
In response, Senator Bagudu reaffirmed the Federal Government’s resolve to align fiscal reforms with national planning in order to promote coherence, efficiency, and inclusive growth.
He expressed appreciation for the IMF’s sustained engagement and technical support over the past two and a half years, which he said had strengthened Nigeria’s evidence-based approach to economic management.
“We are deeply grateful for the guidance and encouragement we have received from the IMF and World Bank,” Bagudu said. “Your interrogation and feedback have played a vital role in refining our reforms and ensuring that our economic management remains evidence-based.”
The Minister stated that Nigeria’s reform efforts under President Bola Tinubu’s administration are anchored on discipline, inclusion, and transparency—principles that are already yielding measurable progress.
He reiterated that the government’s aspiration to build a $1 trillion economy by 2030 is founded on disciplined reforms and coordinated national planning.
Bagudu further explained that the Renewed Hope Ward-Based Development Plan aims to harness the economic potential of Nigeria’s 8,809 wards, creating a framework for inclusive, bottom-up growth.
Speaking on the forthcoming 2026–2030 National Development Plan, the Minister said it would harmonise strategies across federal, state, and local governments into a unified, data-driven framework for sustainable development.
“We are working to make the plan a reflection of Nigeria’s collective ambition one that integrates fiscal discipline, subnational collaboration, and the reforms needed to sustain long-term growth,” he said.
He also highlighted the importance of continued cooperation with the IMF in macroeconomic modelling, fiscal planning, and comparative development analysis to improve Nigeria’s policy formulation and execution.
“We are not lamenting; we are learning and refining,” Bagudu said. “Our partnership with the IMF is about innovation, not dependency, and will continue to guide Nigeria’s reform-driven path towards sustainable growth.”
