Nigeria has no immediate plans to seek financial assistance from the International Monetary Fund (IMF), Finance Minister Wale Edun has confirmed.
Speaking at the African Finance Ministers’ briefing during the IMF/World Bank Annual Meetings in Washington on Thursday, Edun said ongoing domestic economic reforms are proving effective in strengthening the nation’s finances.
He noted that reforms introduced over the past two years have restored policy credibility and bolstered Nigeria’s resilience against global economic shocks that have hit many African economies.
The minister stressed that Nigeria has prioritised market-based adjustments, particularly in foreign exchange and petroleum pricing, avoiding administrative controls.
Rather than turn to multilateral lending, Edun reaffirmed that the country would continue to rely on internal policy measures.
However, he called for faster, coordinated financial assistance for African nations, amid talks of a proposed $50 billion global support package.
While Nigeria has built sufficient buffers through reforms, Edun warned that several other African countries remain highly exposed and require urgent external support.
He added that Nigeria’s market-driven approach has enabled smoother economic adjustments, reduced disruptions, and sustained macroeconomic progress despite global uncertainty.