BrainyAUSTINE

@UnitedCap⁠ has become the first foreign investment bank to secure an operating licence in Ethiopia. The group has also received approval to operate in Rwanda. African institutions are increasingly leading, competing, and succeeding across the continent.

TonyOElumelu's tweet photo. @UnitedCap⁠ has become the first foreign investment bank to secure an operating licence in Ethiopia. The group has also received approval to operate in Rwanda.

African institutions are increasingly leading, competing, and succeeding across the continent. https://t.co/ZvSIvrVkdL

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BrainyAUSTINE retweeted

Tony O. Elumelu, CFR

@TonyOElumelu

16 days ago

For decades, Africa witnessed foreign capital flowing in while profits largely flowed out. That narrative is beginning to change. This is Africapitalism in action — a vision that recognizes the importance of both indigenous and international capital working together to finance Africa’s development and unlock shared prosperity.

BrainyAUSTINE retweeted

Tony O. Elumelu, CFR

@TonyOElumelu

16 days ago

This development is particularly noteworthy because Ethiopia only recently opened its financial sector to foreign participation, making United Capital’s entry a historic step for both the company and the ongoing integration of African capital markets. This is Africa renaissance.

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Taiwo Oyedele

@taiwoyedele

16 days ago

PRESS RELEASE 𝐓𝐇𝐄 𝐅𝐄𝐃𝐄𝐑𝐀𝐋 𝐆𝐎𝐕𝐄𝐑𝐍𝐌𝐄𝐍𝐓 𝐍𝐎𝐓𝐄𝐒 𝐈𝐌𝐅 𝐀𝐒𝐒𝐄𝐒𝐒𝐌𝐄𝐍𝐓 𝐎𝐅 𝐍𝐈𝐆𝐄𝐑𝐈𝐀'𝐒 𝐄𝐂𝐎𝐍𝐎𝐌𝐘 𝐀𝐍𝐃 𝐑𝐄𝐌𝐀𝐈𝐍𝐒 𝐂𝐎𝐌𝐌𝐈𝐓𝐓𝐄𝐃 𝐓𝐎 𝐒𝐔𝐒𝐓𝐀𝐈𝐍𝐈𝐍𝐆 𝐑𝐄𝐅𝐎𝐑𝐌𝐒 𝐌𝐎𝐌𝐄𝐍𝐓𝐔𝐌 Abuja, 9 June 2026 The Federal Government welcomes the publication of the International Monetary Fund (IMF) 2026 Article IV Mission Concluding Statement on Nigeria and notes its overall positive assessment of the country's economic reform programme. The report provides further independent validation that the bold and necessary reforms undertaken under the leadership of President Bola Ahmed Tinubu, GCFR, are strengthening macroeconomic stability, restoring confidence, and laying the foundation for sustainable and inclusive growth. The IMF observed that reforms implemented over the past two and a half years have yielded improved macroeconomic outcomes and enhanced Nigeria's resilience to external shocks. The Fund specifically highlighted improvements in foreign exchange market functioning, stronger external buffers, ongoing fiscal and revenue reforms, banking sector resilience, and growing macroeconomic stability. These developments affirm that Nigeria is moving in the right direction and is better positioned to withstand global economic uncertainties than at any time in recent years. The Government is particularly encouraged by the IMF's recognition that the difficult but necessary decisions to end fuel subsidies, eliminate deficit monetisation, liberalise the foreign exchange market, and strengthen fiscal discipline have contributed significantly to reducing vulnerabilities and rebuilding confidence in the economy. The report notes that Nigeria now faces global shocks with stronger policy frameworks and buffers than before. The recent conflict in the Middle East has created new challenges for economies around the world through higher energy prices, rising food costs, tighter financial conditions, and disruptions to global supply chains. While these developments present inflationary pressures, the IMF acknowledged that Nigeria has demonstrated notable resilience. Despite significant increases in global energy prices, the foreign exchange parallel market premium has remained below five percent, sovereign spreads have remained broadly stable, and investor confidence has been preserved. The IMF further noted that Nigeria is well positioned to benefit from higher energy prices through stronger export earnings, improved fiscal revenues, and increased foreign exchange inflows. The Federal Government remains focused on translating these opportunities into long-term gains by increasing crude oil production, expanding domestic refining capacity, growing gas production and exports, and attracting new investments across the energy value chain. The Government acknowledges the IMF's observation that poverty and food insecurity remain significant challenges. While progress is being made in terms of per capita income growing by nearly 10 percent in 2025 indicating marked reduction in poverty levels, we are mindful that macroeconomic stability, while necessary, is not sufficient on its own. Economic growth must be inclusive and must translate into tangible improvements in the welfare of Nigerians. Accordingly, the Government continues to strengthen targeted social protection programmes, including direct cash transfers to vulnerable households, support for small businesses, student financing through the Nigerian Education Loan Fund (NELFUND), consumer credit initiatives, healthcare investments, and interventions aimed at improving livelihoods and expanding economic opportunities. In agriculture, the Government is scaling up investments through the Renewed Hope National Agricultural Mechanisation Programme and other initiatives designed to improve productivity, expand irrigation and dry-season farming, enhance access to inputs and financing, strengthen value chains, and improve food security. These efforts are aimed at moderating food inflation while creating jobs and raising rural incomes. The Federal Government also welcomes the IMF's recognition of the progress being made in domestic revenue mobilisation and public financial management reforms. The successful implementation of Nigeria's new tax laws, the digitisation of revenue collection processes, improved transparency in public finance, and enhanced accountability mechanisms will continue to strengthen fiscal sustainability while ensuring a fairer and more efficient tax system. We note the IMF's recommendations regarding fiscal reporting, budget transparency, and data reconciliation. The Government is already taking steps to strengthen fiscal data integrity, improve coordination among relevant institutions, enhance transparency in budget execution, and deepen public financial management reforms. Efforts are ongoing to improve fiscal reporting systems and ensure that economic and fiscal statistics continue to meet the highest international standards. The report's medium-term outlook reinforces confidence in Nigeria's economic prospects. The IMF projects continued economic growth above four percent, improving external reserves, rising investment, and strengthening fiscal revenues over the medium term. Public debt has already declined relative to GDP, while reserve buffers have strengthened considerably. These outcomes which complement recent sovereign credit rating upgrades by leading international rating agencies reflect the growing resilience of the Nigerian economy and the positive impact of ongoing reforms. The Federal Government remains firmly committed to maintaining macroeconomic stability, accelerating inclusive growth, strengthening fiscal discipline, deepening structural reforms, improving the investment climate, expanding infrastructure, enhancing human capital development and job creation. We will continue to pursue policies that support private sector growth, attract domestic and foreign investment, and improve the competitiveness of the Nigerian economy. While challenges remain, the direction is clear and the foundations are stronger. The ultimate objective of these reforms is not merely improved economic indicators, but better outcomes for every Nigerian - lower inflation, decent jobs, higher incomes, greater economic opportunity, and a better quality of life. 𝐓𝐚𝐢𝐰𝐨 𝐎𝐲𝐞𝐝𝐞𝐥𝐞 Honourable Minister of Finance and Coordinating Minister of the Economy Federal Republic of Nigeria

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