Reforms have built resilience into economy-Finance Minister
Amidst the economic challenges thrown up by the Middle East Crisis, Nigeria’s minister of finance and coordinating minister of the economy, Wale Edun, has said the country is not considering any recourse to the International Monetary Fund (IMF) or other external emergency lenders.
He insisted that ongoing reforms under President Bola Tinubu have strengthened the economy’s resilience amid rising global shocks.
Edun made this declaration during the African Finance Ministers’ Press Conference on the sidelines of the IMF/World Bank 2026 Spring Meetings in Washington DC on Thursday .
He stated that the recent reforms by the government had built resilience into the Nigerian economy, thus giving it a buffer to withstand current global economic shocks.
The IMF managing director, Kristalina Georgieva, had earlier at the meetings revealed plans by the Fund to support vulnerable economies that have been heavily impacted by the global economic downturn triggered by the war in Iran, with up to $50 billion in support.
However, Edun categorically stated at the briefing that “Nigeria has no plans at the moment to approach the IMF or any other such body,” even as he called for faster and more coordinated financial support for African economies, as global financing discussions intensify around a proposed $50 billion support package for vulnerable countries.
“The IMF talked about $50 billion, and we all know that the funding will largely go to Africa, because those are the most vulnerable countries. And the reality is that what we’re asking for in this instance is that the funds and the support be released quickly and at scale.”
The minister noted that Nigeria’s reform programme over the past two years had helped restore policy credibility and improve resilience against external pressures, adding that the country had opted for market-based adjustments rather than administrative controls.
Edun said Nigeria’s reform programme over the past two years had helped the economy adjust more effectively to global shocks by relying on market mechanisms rather than administrative controls.
“What has happened is that for Nigeria, for instance, at this time, we are and have been in a position to allow the market mechanism to correct and to adjust to the realities of the situation, rather than resorting to administrative controls.
“The major gain of the macroeconomic reforms has been market pricing of major items—foreign exchange, petroleum products, etc. So that has been the adjustment mechanism that we have relied on, and it has meant that there has been less disruption to our trajectory.”
EXPLAINER
1. No IMF Approach Needed: Edun confirmed there are “no plans” to seek IMF or similar aid, as Tinubu’s two-year reforms restored credibility through market mechanisms for FX and fuel pricing, avoiding administrative controls and disruptions.
2. Reforms Drive Resilience:
Market-based adjustments have buffered the economy from shocks, enabling effective adaptation without derailing growth trajectories.
3. $50bn Global Package for Vulnerables:
IMF’s Kristalina Georgieva pledged up to $50 billion, mostly for Africa; Edun called for swift release to vulnerable nations but not Nigeria.
4. Push for Faster African Aid:
Edun advocated coordinated, scaled support for the continent amid global financing talks, underscoring Africa’s exposure.
5. Latest Public Debt Stock:
Nigeria’s total public debt rose to N159.28 trillion as of December 31, 2025. There has been pressure on the government lately to raise revenue and reduce borrowing. In 2025, Nigeria’s public debt grew by N14.61 trillion.
