Nigeria has no immediate plans to seek financial assistance from the International Monetary Fund (IMF), according to the Minister of Finance, Wale Edun.
Edun made this known on Thursday during a briefing of African finance ministers at the ongoing IMF/World Bank Annual Meetings in Washington, D.C., where he highlighted the country’s growing economic resilience driven by ongoing domestic reforms.
The minister said Nigeria’s policy direction over the past two years has helped restore credibility and position the economy to better withstand global shocks impacting many African countries.
He noted that the government has prioritised market-based reforms, particularly in foreign exchange management and petroleum pricing, rather than relying on administrative controls.
According to Edun, these measures have enabled smoother economic adjustments, reduced disruptions, and supported a more stable macroeconomic outlook despite global uncertainties.
He emphasised that Nigeria is currently focused on internal policy mechanisms instead of turning to multilateral lending institutions for support.
However, Edun called for faster and more coordinated financial assistance for other African countries, as discussions continue around a proposed $50 billion global support package.
While noting that Nigeria has built economic buffers through reforms, he acknowledged that several African economies remain vulnerable and in urgent need of external financial support.
The minister reiterated that Nigeria’s reform-driven approach has strengthened its economic foundation, allowing it to navigate current global challenges without immediate recourse to IMF funding.
