Nigeria has continued to establish itself as a leading advocate of evidence-based policymaking and inclusive economic transformation as the global economy moves towards resilient and reform-oriented growth.
Reflecting this momentum, a delegation from the International Monetary Fund (IMF), led by its Deputy Director of the African Department, Mr. Axel Schimmelpfennig, met with the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, in Abuja at the weekend to discuss Nigeria’s ongoing reforms, medium-term prospects and preparations for the National Development Plan 2026-2030.
The visit was part of the IMF’s advisory mission to review Nigeria’s fiscal priorities, macroeconomic framework and reform trajectory ahead of the subsequent IMF national report.
In his opening remarks, Schimmelpfennig praised Nigeria’s reform drive and mentioned the IMF’s interest in understanding how the country’s medium-term strategy aligns with its broader development agenda.
“We would like to hear your opinion on current events: your outlook for next year and the medium term. We understand that you are preparing the medium-term framework, the National Development Plan and the budget for 2026. Having your overview at this stage will be of great help,” he said.
He noted that while the years leading up to elections often bring uncertainty, Nigeria’s coherent political coherence highlights its institutional maturity.
“Each country manages the pre-election periods differently,” Schimmelpfennig noted, stating: “But what we see in Nigeria is a continued commitment to reforms and policy coherence, a sign of growing institutional strength.”
Responding to the IMF official’s question on Nigeria’s medium-term prospects and the upcoming National Development Plan, Bagudu reaffirmed the government’s commitment to align fiscal reforms with national planning to ensure coherence, efficiency and inclusive growth.
He expressed gratitude for the IMF’s constructive engagement and technical assistance over the past two and a half years.
He said: “We are deeply grateful for the guidance and encouragement we have received from the IMF and the World Bank. Their questions and comments 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 process under President Bola Tinubu has been characterized by discipline, inclusivity and transparency, values that have begun to produce measurable progress.
He emphasized that the administration’s vision of a $1 trillion economy by 2030 is based on disciplined reforms and coordinated national planning.
He noted that the Renewed Hope District Development Plan aims to identify and utilize the economic potential of Nigeria’s 8,809 districts, creating a framework for bottom-up and inclusive growth.
Bagudu further explained the ongoing work on the National Development Plan 2026-2030, which seeks to align the strategies of federal, state and local governments into a cohesive and data-driven framework for sustainable development.
“We are working to make the plan a reflection of Nigeria’s collective ambition, incorporating fiscal discipline, subnational collaboration and the reforms necessary to sustain long-term growth,” he added.
The Minister also underlined the importance of continued collaboration with the IMF on macroeconomic modelling, fiscal planning and comparative data on global development to improve policy understanding, noting that Nigeria’s approach to reforms remains flexible and forward-looking.
“We are not complaining; we are learning and improving,” he said, explaining: “Our partnership with the IMF is about innovation, not dependency, and will continue to guide Nigeria’s path to sustainable, reform-led growth.”