Nigeria: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nigeria

The 2026 Article IV Consultation discusses that strong reforms over the past three years have yielded improved macroeconomic outcomes and built resilience in Nigeria. Higher global fuel, food and fertilizer prices will improve exports and fiscal revenues, but also give rise to inflationary pressures, likely aggravating poverty and food insecurity. The government aims to foster high and inclusive growth via improved productivity and ensuring that reform gains benefit all Nigerians. Presidential elections will take place in January 2027. Monetary policy must remain tight for longer than previously expected given inflationary pressures from the war in the Middle East and a global risk-off environment. The authorities should accelerate Basel III implementation, complementing the ongoing analytical work with a clear roadmap for the remaining elements—including the countercyclical capital buffer and the liquidity coverage ratio. Structural reforms to address challenges in the electricity sector, infrastructure, agriculture, and human capital formation are needed alongside improved security to facilitate high and inclusive growth.