By Seun Ibiyemi
Nigeria has no immediate plans to approach the International Monetary Fund (IMF) for financial assistance, the Minister of Finance, Wale Edun, has said.
Edun disclosed this on Thursday during a briefing of African finance ministers at the IMF/World Bank Annual Meetings in Washington, noting that the country’s ongoing domestic economic reforms were yielding positive results.
According to the minister, reforms implemented over the past two years have helped restore policy credibility and strengthen Nigeria’s resilience against global economic shocks affecting many African economies.
He explained that the government had prioritised market-based adjustments, particularly in foreign exchange and petroleum pricing, rather than relying on administrative controls.
Edun reaffirmed that Nigeria would continue to depend on internal policy measures for economic stability, instead of seeking multilateral lending support at this time.
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Despite Nigeria’s position, the minister called for faster and more coordinated financial assistance for other African countries, especially amid discussions around a proposed $50 billion global support package.
He noted that while Nigeria had built buffers through its reform programme, several African economies remained highly vulnerable and required urgent external financial support.
Edun added that Nigeria’s reliance on market mechanisms had enabled smoother economic adjustments, reducing disruptions and sustaining the country’s macroeconomic stability in the face of global uncertainties.
