Nigeria’s Finance Minister Rules Out Seeking IMF Loan

By Adedapo Adesanya

The Minister of Finance, Mr Wale Edun, says Nigeria has no immediate plans to approach the International Monetary Fund (IMF) for financial assistance.

Mr Edun made this known at the African Finance Ministers’ briefing during the IMF and World Bank Annual Meetings on Thursday in Washington, D.C. United States.

He said reliance on ongoing domestic economic reforms was yielding positive results.

According to him, Nigeria’s reforms over the past two years have restored policy credibility and strengthened resilience against global economic shocks affecting many African economies, adding that the country has prioritised market-based adjustments, avoiding administrative controls, particularly in foreign exchange and petroleum pricing mechanisms.

Mr Edun reaffirmed that Nigeria would continue to rely on internal policy measures rather than seeking multilateral lending support at this time.

However, he urged faster and more coordinated financial assistance for African countries amid discussions on a proposed $50 billion global support package.

The Minister said Nigeria had built buffers through reforms, but noted that several African nations remained highly exposed and required urgent external financial support.

He said Nigeria’s reliance on market mechanisms had enabled smoother economic adjustments, reduced disruptions, and sustained the country’s macroeconomic trajectory amid global uncertainties.

However, on Monday, the |Minister said Nigeria would seek stronger international financial support at this week’s IMF-World Bank ‌Spring Meetings as the Iran war lifts fuel costs at home and complicates reforms.

He said ahead of the meeting that surging crude prices had some clear benefits for the country, which is Africa’s top oil producer, boosting foreign exchange earnings.

“But the ⁠shock comes at a critical transition point, intensifying inflationary pressures and raising living costs for households,” he added.