Nigeria has no immediate need for IMF’s support, Edun declares

Finance and economy minister Wale Edun has said that Nigeria has no immediate plans to approach the International Monetary Fund for financial assistance.

Mr Edun stated this at the African Finance Ministers’ briefing, during the IMF/World Bank Annual Meetings, on Thursday in Washington.
The minister said that relying on ongoing domestic economic reforms was effective in strengthening the economy.

The minister said that Nigeria’s reforms over the past two years had restored policy credibility and strengthened resilience against global economic shocks that have affected many African economies.

Mr Edun said that the country had prioritised market-based adjustments, avoiding administrative controls, particularly in foreign exchange and petroleum pricing mechanisms.

Mr Edun reaffirmed that the country continued to rely on internal policy measures rather than seeking multilateral lending support at this time.
He, however, urged faster, coordinated financial assistance for African countries amid discussions on a proposed $50 billion global support package.

The minister said that Nigeria had built buffers through reforms, but several African nations remained highly exposed and required urgent external financial support.

Mr Edun said that Nigeria’s reliance on market mechanisms had enabled smoother economic adjustments, reducing disruptions and sustaining the country’s macroeconomic trajectory, amid global uncertainties.
(NAN)