IMF, IFC commendations on Nigeria’s economic recovery, indications of success of Tinubu’s reforms-TDF

By Omodele Adigun

The Democratic Front (TDF) has described the recent commendations of Nigeria’s economic recovery by the International Finance Corporation (IFC) and the International Monetary Fund (IMF) as a welcome development.

It said the commendations from the two global bodies underlined the success of ongoing economic reforms.

The group made its observation in a statement signed by its Chairman, Mallam Danjuma Muhammad, and Secretary, Chief Wale Adedayo,

‎It said: “We note that, not too long ago, the Director General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, was in Nigeria to acknowledge the stability of the economy based on ongoing economic reforms of the President Bola Tinubu administration.

‎”It is imperative to also recall that at different stages of the ongoing economic reforms, globally respected credit rating agencies like Fitch, Moody’s Investors Service, and Standard and Poor’s (S&P) have rated Nigeria’s credit outlook to be stable, on account of the ongoing restructuring and financial reengineering of the economy.

‎”Major achievements of the Tinubu reforms in the economy like the deceleration of inflation pressure, stability of foreign exchange rate, steady increase in foreign reserve, and the surge in internal revenue generation, indicate the possibility of a gradual return to economic resurgence, through sustained economic growth, low and stable inflation rate, increased investment, consumer confidence, and improving employment.

‎”As we celebrate the macroeconomic breakthrough of the ongoing reforms, we are confident that the economic health of the nation will further improve when the new tax law takes off in January 2026.

“It is, therefore, a huge kudos to Tinubu’s courage to initiate a painful but necessary economic reform that has instituted an accountable financial system resistant to the pressure of corruption and market monopoly.

‎”The benefit of the positive assessments of the economy by global bodies like the World Bank, IMF, IFC, Fitch, Moody’s, and S&P is multi-faceted and multi-dimensional

‎”We believe the Nigerian authorities must leverage the endorsement of these global bodies to attract investments and promote economic stability to consolidate Tinubu’s commitment to good economic governance and transparency.

‎”We also call on Nigerians to take pride in the flurry of global endorsement and commendation for the President’s economic milestone, bearing in mind that their continuous support for ongoing policies will entrench good governance in a robust and stable economy.”

‎The group urged the president to remain resolute in bringing his economic reforms to fruition.