Nigeria, June 10 -- Nigeria's tough economic reforms are bearing fruit as they continue to foster economic stability and bolster investor confidence, much as poverty levels remain elevated, the International Monetary Fund (IMF) said on Tuesday.

The economy has improved in recent years, helping Africa's most populous nation become more resilient to external shocks, but early gains could be eroded by global shocks, especially the reverberations of the US-Israel war against Iran, the Washington-based institution stated, following the conclusion of its Article IV consultation with Nigeria.

"Strong reforms over the past three years have yielded improved macroeconomic outcomes and built resilience. Still, conditions for many Nigerians remain ...