Nigeria's Finance Minister: No Immediate IMF Support Needed

Wale Edun, Nigeria's Finance Minister, announced that the country does not have an immediate plan to seek financial assistance from the International Monetary Fund (IMF). This statement was made during a briefing at the African Finance Ministers' meeting held during the IMF and World Bank annual meetings on Thursday in Washington, United States.

Edun highlighted that Nigeria's reliance on domestic economic reforms has yielded positive results over the past two years, restoring policy credibility and strengthening resilience against global economic shocks. He reaffirmed Nigeria's commitment to market-based adjustments, particularly in foreign exchange and petroleum pricing mechanisms, rather than seeking multilateral lending support at this time.

However, he urged for faster coordination of financial assistance for African countries, especially amid discussions of a proposed $50 billion global support package, noting that several African nations remain highly exposed and require urgent external financial support.