The International Monetary Fund (IMF) has said Nigeria needs to adapt its 2025 budget to lower oil prices and scale up cash transfers to shield the most vulnerable parts of its population that face hunger and poverty.

Releasing the results of its routine “Article IV” assessment of Nigeria’s economic policies, the IMF said economic growth had been steady but too low in per capita terms with inflation remaining high. The Fund predicted the country’s economy would expand at 3.4% this year and 3.2% in 2026.

Touching on the naira and Nigeria’s FX markets, the fund said reforms by the government and central bank had been far reaching and fundamental with the result supply and demand was more in balance.

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