Experts Urge FG to Sustain Reforms, Warn Against Policy Reversals Ahead of Elections

Economic experts have thrown their weight behind the International Monetary Fund’s cautionary stance on Nigeria’s reform agenda, warning the Federal Government against reversing key economic policies as political pressure mounts ahead of the next election cycle.

The experts cautioned that any compromise on reforms could weaken investor confidence, stall recent gains in inflation moderation, and further strain an economy already constrained by limited fiscal buffers. They stressed that sustaining reforms remains critical to stabilising the macroeconomic environment and positioning the country for long-term growth.

Speaking at the 2026 Macroeconomic Outlook event organised by the Nigerian Economic Summit Group in Lagos, the IMF’s Country Representative for Nigeria, Dr Christian Ebeke, warned that reversing recent reforms would erode hard-won macroeconomic gains. While acknowledging progress, he noted that Nigeria’s reform journey was far from complete, as inflation remains in double digits, limiting policy flexibility.

Ebeke cautioned against renewed government intervention in price and volume controls, describing such measures as unsustainable. He also identified complacency as a major risk, particularly at the subnational level, where states now enjoy increased fiscal space. According to him, pro-cyclical spending by state governments in the build-up to elections could reverse gains achieved through recent reforms.

He further warned against policy-induced or “home-grown” volatility, noting that a return to exchange rate controls would deplete foreign reserves, distort market signals, and damage investor confidence.

Echoing these concerns, the Chairman of the Nigerian Economic Summit Group, Niyi Yusuf, stressed that Nigeria must consolidate reform gains rather than abandon the process. While noting improved macroeconomic stability, he said growth remained modest and uneven, with limited impact on employment and household incomes.

Investment banker and economist, Tilewa Adebajo, also warned that political considerations must not derail reforms, stressing that sustainable growth and restored purchasing power depend on consistency, private sector investment, and sound government policies.