Nigeria has no immediate plans to seek financial assistance from the International Monetary Fund or any other external bailout provider, Finance Minister Wale Edun has confirmed.
Speaking during the African Finance Ministers’ briefing at the ongoing IMF/World Bank annual meetings in Washington, DC, Edun said the country’s current focus on domestic economic reforms and internal fund mobilisation was yielding positive results. He noted that over the past two years, Nigeria’s investment in structural reforms has begun to restore policy credibility and enhance the nation’s resilience to global economic shocks.
Edun stressed that Nigeria is prioritising market-based adjustments, particularly in foreign exchange and petroleum pricing, while avoiding administrative controls. This approach, he said, has led to smoother economic adjustments, reduced disruptions, and sustained the country’s macroeconomic trajectory.
His comments come amid the IMF’s disclosure of a proposed $50 billion support package aimed at cushioning vulnerable economies against the ongoing crisis in the Middle East. While Nigeria has opted out of seeking such support, Edun urged the IMF to ensure that financial assistance is delivered quickly and at scale to African countries most in need.
“We are asking for these funds and support to be released rapidly and in sufficient quantity,” he said, highlighting the urgency for African nations facing heightened economic pressures.
Nigeria’s stance reflects a broader shift towards self-reliance in addressing economic challenges, even as global financial institutions prepare large-scale interventions for the continent’s most vulnerable economies.
