Nigeria, July 8 -- The International Monetary Fund (IMF) says Nigeria must raise more domestic revenue, improve its budgeting process, and expand cash transfers to lift millions out of poverty, despite early signs of progress from recent economic reforms.

In an article authored by its staff based on its latest economic assessment of Nigeria, the IMF said the country had taken bold steps since 2023 to address deep-rooted problems, including chronic fuel subsidy costs, a distorted foreign exchange market, and weak public finances.

But it warned that while reforms were starting to yield results, such as improved foreign exchange access, stronger reserves and renewed investor confidence, widespread poverty, high inflation, and poor infrastr...