IMF says Nigeria reforms boost stability amid high poverty
The IMF states that Nigeria's reforms have strengthened stability and reserves. However, 63% of citizens face poverty and food insecurity amid global risks.
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The IMF reported that Nigeria's economic reforms boosted gross forex reserves to $50 billion, reaching a 17-year high. These measures, including fuel subsidy removal and exchange rate liberalization, helped the nation regain access to international capital markets and rebuild macroeconomic buffers. This progress remains fragile as 63% of the population faces poverty and the economy relies heavily on volatile capital inflows.
