Nigeria’s economy growing, but millions still face hardship,food insecurity — IMF

The International Monetary Fund (IMF) has warned that poverty remains widespread in Nigeria despite economic growth, as rising food and energy prices continue to worsen living conditions.

Deniz Igan, Division Chief in the IMF’s Research Department, raised the concern on Tuesday during a briefing on the October 2026 World Economic Outlook in Bangkok, Thailand.

According to SaharaReporters, the IMF raised Nigeria’s 2026 growth forecast to 4.2 per cent from 4.1 per cent but warned that inflationary pressures could deepen hardship.

Igan acknowledged that Nigeria’s economy had remained resilient, partly because of its status as an energy exporter.

However, she stressed that economic expansion had not sufficiently improved household welfare, with many Nigerians struggling to afford basic necessities.

She urged governments to strengthen targeted financial assistance for vulnerable households while maintaining fiscal stability.

The IMF also recommended improved public spending and stronger revenue mobilisation to protect citizens from economic shocks.

The warning highlights persistent concerns about poverty and food insecurity despite Nigeria’s economic reforms.