The Senate leadership is expected to hold a high-level meeting with officials from the International Monetary Fund to discuss the country’s economic outlook and ongoing reform programmes under the administration of Bola Tinubu.

The engagement forms part of the IMF’s Article IV Consultation with Nigeria, a routine assessment of the country’s economic policies and financial stability.

The planned interaction is expected to give lawmakers deeper insight into the government’s economic management framework and explore the potential support the global financial institution could provide for the Federal Government’s sweeping economic reforms.

The development disclosed by the Deputy President of the Senate, Barau Jibrin, is a consultation exercise to run from March 4 to March 17, 2026.

During this period, the IMF team will hold consultations with key government institutions.

The letter also indicated that the IMF specifically requested a high-level engagement with the Senate’s leadership as part of the consultation process.

“The Federal Office of Finance wishes to inform the leadership of the Senate and distinguished senators that, at the instance of the Federal Government of Nigeria, the International Monetary Fund Article IV Consultation in Nigeria has been scheduled to hold from March 4 to March 17, 2026,” part of the notice read.

The meeting is expected to provide a platform for dialogue between lawmakers and IMF officials on Nigeria’s economic direction and reform agenda.

4.4% Growth Forecast

Nigeria’s economic outlook for 2025 was generally described as cautiously improving but still fragile by global financial institutions.

International organisations such as the International Monetary Fund and the World Bank noted that economic reforms and gradual macroeconomic adjustments were beginning to stabilise the country’s economy after a period of high inflation, exchange-rate volatility, and weak oil production.

For 2025, the IMF projected Nigeria’s economy to grow by about 3.4 per cent, reflecting a modest improvement from earlier estimates as economic activity strengthened in non-oil sectors.

However, the outlook remained constrained by persistent inflation, fiscal pressures, and structural bottlenecks in areas such as energy supply and infrastructure.

The World Bank similarly projected average growth of around 3.6 per cent between 2025 and 2026, noting that reforms such as the removal of fuel subsidies, exchange-rate unification, and tighter monetary policy were helping to improve business confidence and stabilise government finances.

Economic expansion during this period was largely driven by services, particularly telecommunications and financial services.

Looking ahead to 2026, global institutions have expressed stronger optimism about Nigeria’s economic trajectory.

The IMF revised Nigeria’s growth forecast upward to about 4.4 per cent in 2026, reflecting expectations that ongoing fiscal and monetary reforms would gradually strengthen macroeconomic stability and productivity.

Similarly, the World Bank projected that Nigeria’s economy could expand by around 4.4 per cent in 2026 and 2027, potentially marking the country’s fastest growth pace in more than a decade.

The anticipated growth is expected to be driven by services, agriculture, and non-oil industries as Nigeria continues efforts to diversify its economy. (Channels)

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