The Federal Government says Nigeria has no immediate plans to approach the International Monetary Fund (IMF) for financial assistance.
The Minister of Finance, Wale Edun, made this known at the African Finance Ministers’ briefing, during the IMF/World Bank Annual Meetings, in Washington on Thursday, April 16, 2026.
Edun stated that the reliance on ongoing domestic economic reforms was working.
The minister said Nigeria’s reforms over two years had restored policy credibility and strengthened resilience against global economic shocks affecting many African economies.
He said the country had prioritised market-based adjustments, avoiding administrative controls, particularly in foreign exchange and petroleum pricing mechanisms.
Edun reaffirmed that Nigeria continued relying on internal policy measures, rather than seeking multilateral lending support at this time.
Nigeria spends up to $600m annually importing palm oil— Minister
Edun, however, urged faster and coordinated financial assistance for African countries, amid discussions on a proposed $50 billion global support package.
The minister said Nigeria had built buffers through reforms, that several African nations remained highly exposed and required urgent external financial support.
He said the nation’s reliance on market mechanisms had enabled smoother economic adjustments, reducing disruptions and sustaining the country’s macroeconomic trajectory, amid global uncertainties.
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