Nigeria’s Finance Minister, Wale Edun, has announced that the country’s crude oil production has increased to 1.8 million barrels per day, providing the government with enhanced fiscal flexibility. This boost in production allows the government to better support vulnerable households while continuing its economic reform agenda. Speaking to Reuters during the International Monetary Fund and World Bank Group spring meetings in Washington, Edun emphasized that the rise in oil production is positively impacting government revenue, foreign exchange reserves, and overall fiscal stability. He remarked, “It gives us that extra fiscal space within which to look at helping vulnerable households at this time,” and noted that the support measures would be targeted rather than broad-based subsidies.
Edun also highlighted the significant role of the Dangote refinery, which has helped to prevent fuel shortages and ensure a steady supply of petroleum products, including petrol, diesel, and jet fuel. Regarding the global economic outlook, he acknowledged the uncertainty stemming from the ongoing conflict in Iran. While he indicated that short-term growth impacts might be minimal, he warned that prolonged conflict could push the global economy toward recession.
In related news, Nigeria’s National Bureau of Statistics reported a rise in consumer inflation to 15.38% in March 2026, marking the first increase in a year, up from 15.06% in February. The International Monetary Fund (IMF) has revised its GDP growth forecast for Nigeria to 4.1% for 2026, down from an earlier estimate of 4.4%. However, the IMF anticipates growth will accelerate to 4.3% in 2027, citing improved macroeconomic stability and favorable terms of trade, while also cautioning about rising goods and transport costs.
Edun reaffirmed the government’s commitment to its reform program, emphasizing the resilience the economy has developed in recent years. He stated, “Nigeria is in a position where the resilience that has been built in the economy is actually very obvious for all to see,” and reiterated that the focus remains on sustaining reforms and strengthening the economy’s capacity to withstand external shocks. Additionally, he clarified that Nigeria is not seeking financial support from the IMF, expressing confidence in the country’s reform path and fiscal position.
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