The IMF has stated that while Nigeria's government, under President Bola Ahmed Tinubu, has initiated crucial economic reforms, these have not effectively reduced the high poverty levels that persist in the country. Although measures, such as ending fuel subsidies and improving the foreign exchange market, are recognized, the report indicates that over half of Nigerians continue to live below the poverty line amid rising inflation and a cost-of-living crisis, highlighting vast social disruption and unmet needs for the population.
"The Nigerian authorities have taken important steps to stabilize the economy, enhance resilience, and support growth," IMF mission chief for Nigeria Axel Schimmelpfennig said.
"Gains have yet to benefit all Nigerians as poverty and food insecurity remain high," he added, highlighting the ongoing struggles faced by over half of the population.
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