Abuja: The Tinubu Media Support Group (TMSG) has expressed concerns over the International Monetary Fund’s (IMF) recent revision of Nigeria’s economic growth projection, asserting that it underrepresents the nation’s economic capacity and potential. The statement, signed by TMSG’s Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, was released to journalists in the capital city.
According to News Agency of Nigeria, the IMF’s revised outlook forecasts a Gross Domestic Product (GDP) growth rate of 3.4% for Nigeria in 2025, an increase from the previous forecasts of 3.2% in April 2024 and 3.0% in April 2025. While acknowledging policy reforms and improvements in oil production, the IMF cautioned that Nigeria’s economic growth remains low on a per capita basis and highlighted vulnerabilities such as declining oil prices, persistent inflation, and widespread poverty.
The IMF recommended that Nigeria focus on building fiscal buffers, scaling up targeted cash transfers, maintaining a tight monetary policy, and pursuing further structural reforms to achieve more inclusive and sustainable growth. TMSG, however, expressed confidence that President Bola Tinubu’s economic reform policies would reposition Nigeria’s economy for long-term stability and growth.
The group noted that the IMF’s upgraded economic growth forecast for 2025 was not surprising, given the positive impacts of Tinubu’s reforms reflected in the 3.84% GDP growth recorded in the last quarter of 2024. This growth rate was the fastest since 2021 and contradicted the IMF’s earlier 2024 projection of 3.2%.
TMSG recalled that experts had previously raised concerns about the IMF’s initial three percent projection for 2025, cautioning that basing forecasts solely on oil prices overlooks Nigeria’s efforts to diversify its revenue sources. The group cited the lead economist at ECOWAS, Prof. Ken Ife, who criticized the IMF’s understanding of Nigeria’s economic structure.
The group hopes that the IMF will revise its three percent growth forecast for 2026, especially in light of its recent commendation of the Tinubu administration’s new tax reforms set to take effect in January 2026. TMSG reiterated its support for the Independent Media and Policy Initiative’s (IMPI) projection of five percent annual economic growth, attributing this to strengthened macroeconomic stability and continued reform efforts.