Dr. Christian Ebeke, the IMF’s Country Representative for Nigeria, cautioned that exiting crisis mode does not guarantee long-term stability. While acknowledging progress in fiscal and monetary reforms over the past two years, he stressed that complacency could reverse these achievements. “Stabilization isn’t the end goal. Policymakers must stay vigilant—limited fiscal space, high inflation, and constrained monetary tools leave no room for missteps,” Ebeke warned.
He singled out the risks of procyclical fiscal policies, especially during election years, which could reignite volatility. “The focus must shift from how much is spent to how well it’s spent. Without careful execution, households won’t feel the benefits,” he added.
The World Bank’s Senior Economist for Nigeria, Dr. Samar Mata, echoed these concerns, noting that inflation continues to erode living standards despite improved macroeconomic indicators. “Stability alone won’t reduce poverty. We need targeted social programs, structural reforms, and fiscal interventions,” she said.
The IMF’s warning comes as Nigeria debates fiscal consolidation and public finance management. Ebeke urged governments to prioritize transparency in critical sectors like healthcare, education, and social protection. “Citizens must see tangible results—functional schools, clinics, and roads—to trust the system,” he emphasized.
Panelists at the NESG event agreed that while Nigeria has made strides in stabilizing the naira and rebuilding reserves, sustaining growth hinges on better public spending. Ebeke closed with a blunt reminder: “Execution is everything. Without it, two years of progress could vanish.”
