The International Monetary Fund (IMF) Managing Director Kristalina Georgieva praised President Tinubu’s efforts to reform the economy during a meeting at the G20 Summit.

She assured that the IMF strongly supports Nigeria to accelerate growth and create jobs for its dynamic population.

“Commended Nigeria’s decisive actions to reform the economy, accelerate growth and generate jobs for its vibrant population. The IMF strongly supports Nigeria on this journey,” she said on her X account.

In mid-November, the IMF expressed concerns over the effects of Tinubu’s economic reforms 18 months after implementation.

This was stated in the IMF report on the economic outlook for sub-Saharan Africa, presented by IMF Deputy Director Catherine Patillo.

The report showcased a mixed performance of economic reforms across the region, with notable successes in countries such as Côte d’Ivoire, Ghana, and Zambia.

Nigeria was notably absent from this list of success stories. According to the report, sub-Saharan Africa’s average economic growth rate is projected to remain at 3.6 percent by 2024.

In contrast, Nigeria’s growth rate is estimated at 3.19 percent, which falls below this average.

Patillo said while macroeconomic imbalances have decreased in several countries, Nigeria has yet to demonstrate similar progress.

“More than two-thirds of countries have undertaken fiscal consolidation. The median primary balance is expected to narrow by 0.7 percentage points in 2024. This includes significant improvements in Côte d’Ivoire, Ghana, and Zambia, among others,” she noted.

In comparison, Nigeria’s inflation rate—which had briefly slowed in July and August—resumed its upward trend in September and continued to rise in October. Currently at 33.8 percent, this rate significantly exceeds the 21 percent target set for 2024, and analysts are predicting further increases in November and December.