IMF, Nigeria discuss five-year growth plan and reforms
A delegation from the International Monetary Fund held discussions with Nigerian officials over the weekend regarding the nation’s economic strategy through 2030. Axel Schimmelpfennig, who serves as assistant director in the fund’s African Department, met with Budget and Economic Planning Minister Abubakar Bagudu to examine fiscal priorities and reform progress ahead of an upcoming country assessment.
Schimmelpfennig praised Nigeria’s policy consistency despite the approaching election period, describing the government’s commitment to structural changes as evidence of institutional maturity. Bagudu outlined the administration’s goal of reaching a $1 trillion economy by decade’s end through coordinated planning across federal, state, and local levels, including a ward-based development initiative targeting all 8,809 administrative divisions.
The minister acknowledged technical support from international financial institutions over the past two and a half years while emphasizing that collaboration focuses on innovation rather than dependency. Nigeria continues developing its 2026 through 2030 National Development Plan to align strategies with fiscal discipline and data-informed decision-making for sustainable expansion.
