Edun takes Nigeria’s case to IMF over inflation pressures

Nigeria’s Minister of Finance, Wale Edun, is calling for international support as the country deals with rising inflation and economic pressure linked to the ongoing Middle East conflict.

Ahead of the 2026 IMF and World Bank Spring Meetings in Washington, the Ministry of Finance shared Nigeria’s key plans and concerns. The government is trying to balance economic stability, growth, and support for citizens.

Edun explained that although higher oil prices could increase Nigeria’s earnings and government revenue, they are also causing problems. Rising fuel costs are making life more expensive for both households and businesses.

Nigeria’s Key Requests

Nigeria is asking for:

Lower borrowing costs

Fairer global financial conditions

More support for developing countries

The government believes these will help reduce financial pressure, attract investment, and improve living conditions for Nigerians.

Edun stressed that inflation remains a major issue, especially as it reduces people’s purchasing power and makes it harder to reduce poverty.

Rising Costs and Economic Impact

Fuel prices in Nigeria have increased sharply:

Petrol has risen from about ₦890–₦900 per litre to ₦1,260–₦1,330

Diesel has climbed to around ₦1,550

The global crisis is also:

Reducing foreign investment as investors move to safer markets

Increasing shipping and logistics costs

Raising the prices of imported goods

All these factors are adding to inflation in Nigeria.

Government Response and Reforms

The government says Nigeria is better prepared than before due to reforms introduced since 2023. These include:

Removing fuel subsidies

Allowing exchange rates to reflect the market

Diversifying how the country raises funds

Strengthening economic institutions

According to Edun, these steps have made Nigeria more resilient to global shocks.

Next Steps for Growth

The government now plans to move from stabilising the economy to promoting growth. Key focus areas include:

Encouraging private sector investment

Developing local capital markets

Creating jobs across different sectors

Nigeria also plans to take advantage of the African Continental Free Trade Area to boost trade and investment.

Global Outlook

The International Monetary Fund has warned that global economic growth may slow down due to ongoing tensions, especially between the United States and Iran.

IMF Managing Director Kristalina Georgieva said the global economy is under pressure