Nigeria has no immediate need for IMF assistance

By Nana Musa

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

Edun made this known at the African Finance Ministers’ briefing during the IMF/World Bank Annual Meetings on Thursday in Washington.

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

The minister noted that Nigeria’s reforms over the past two years had restored policy credibility and strengthened resilience against global economic shocks affecting many African economies.

He added that the country had prioritised market-based adjustments, avoiding administrative controls, particularly in foreign exchange and petroleum pricing mechanisms.

Edun reaffirmed that the country would continue to rely on internal policy measures rather than seek multilateral lending support at this time.

He, however, called for faster and more coordinated financial assistance for African countries amid discussions on a proposed 50 billion dollar global support package.

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

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