By Oluwakemi Kindness
Nigeria has ruled out seeking financial support from the International Monetary Fund IMF, expressing growing confidence in its homegrown economic reforms.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this known while addressing African finance ministers on the sidelines of the IMF/World Bank Meetings in Washington.
A statement on Friday by the Efe Ovuakporie, Head Information, Ministry of finamce, quotes Edun as saying the country’s reform programme, sustained over the past two years, is beginning to deliver tangible results.
According to him, the measures have helped restore credibility in economic management and strengthened Nigeria’s capacity to withstand global economic pressures.
He noted that the Federal Government has deliberately shifted towards market-driven policies, resisting administrative controls in critical sectors such as foreign exchange management and petroleum pricing.
“The direction is clear—Nigeria is staying the course with internally driven reforms rather than turning to multilateral financing,” the minister said.
The government’s approach, he explained, has helped reduce distortions in the economy while encouraging efficiency and investor confidence.
Despite Nigeria’s improving outlook, Edun cautioned that the broader African economic landscape remains fragile.
He stressed that many countries on the continent are still highly exposed to external shocks, including global inflation, debt pressures, and currency volatility.
He therefore called for accelerated and better-coordinated international financial support for vulnerable economies, as discussions intensify around a proposed $50 billion global assistance package.
While Nigeria has been able to build critical buffers through its reforms, the minister said several African nations continue to face significant fiscal and macroeconomic challenges that require urgent intervention.
Edun added that Nigeria’s reliance on market mechanisms has helped soften the impact of necessary economic adjustments, reducing disruptions and keeping the economy on a steady trajectory despite ongoing global uncertainties.
