Rising cost of essentials to push more Nigerians into poverty — IMF

•Maintains forecast for Nigeria’s GDP at 4.1% in 2026, 4.3% in 2027

•Says improved macroeconomic stability supports Nigeria’s economy

By Babajide Komolafe, Economy Editor

The International Monetary Fund, IMF, has warned that rising prices of essential goods will deepen poverty and food insecurity in Nigeria despite improved macroeconomic stability, even as it maintained growth forecasts for the economy in 2026 and 2027 at 4.1 per cent and 4.3 per cent.

In its July 2026 World Economic Outlook Update, the IMF also lowered its forecast for global economic growth to 3.0 per cent in 2026 from the average 3.5 per cent recorded in 2024 and 2025, citing the impact of the Middle East conflict and uneven benefits from the artificial intelligence-driven technology boom.