The International Monetary Fund and the International Finance Corporation have commended the administration of President Bola Tinubu for advancing structural reforms that enhance Nigeria’s attractiveness to investors.

Speaking on Tuesday at the “International Business Conference and EXPO 2025: Invest Nigeria,” hosted by the Lagos Chamber of Commerce and Industry, IMF Resident Representative Dr. Christian Ebeke and IFC Principal Country Officer, Mr. Christian Mulamula, highlighted the positive impact of the government’s reforms.

They noted that the measures have begun delivering tangible results, including macroeconomic stability, easing inflationary pressures, a more stable foreign exchange market, and growing foreign reserves.

Both officials encouraged the Tinubu administration to maintain its reform trajectory to sustain investor confidence and economic growth.

President Tinubu, represented at EXPO 2025 by Senator John Owan Enoh, said his administration is engaging with key players in the automobile sector to explore measures that would make Nigeria an attractive destination for auto manufacturing investment.

Tinubu also expressed appreciation to the LCCI for creating a platform for dialogue and collaboration, noting that while Nigeria’s business environment holds immense potential, it has long been constrained by bureaucratic hurdles, requiring entrepreneurs to navigate complex challenges to turn ideas into reality.

He stated, “My administration was elected with clear mandate to change that story; to rewrite the narrative from that of obstacles to one of opportunities.

“And I am here today to assure you with the full weight of my office to assure you that this is not just a promise but a reality we are building every single day.”

The IMF and IFC singled out the unification of foreign exchange rates, the removal of the petrol subsidy, and recently enacted tax reforms as key achievements worthy of commendation under the Tinubu administration.

They cautioned, however, that while progress has been made, challenges remain, urging Nigeria to maintain its reform momentum to secure lasting economic stability.

They noted that the reforms have already delivered tangible results, including reduced volatility in the foreign exchange market, easing inflationary pressures, and a resurgence of foreign capital inflows into Nigeria’s economy.

Ebeke said, “The first thing that is important is that inflation is finally decelerating. It does not mean that prices are falling but that the pace at which prices are increasing is going down.

“The second thing I wish to mention is that the exchange market is now more stable.

“What we are looking for is not a stable Naira per se but a stable exchange market because a stable Naira will be a product of stable exchange market.

“We can see that the reserves are going up and businesses are no longer struggling to find Dollar even though they complain that it is a little bit pricy. But that it is available is a right step in the right direction.”