Nigeria seeks IMF, World Bank support as Iran shock hits reforms-Edun

Nigeria will seek stronger international financial support at this week’s IMF-World Bank Spring Meetings as the Iran war lifts fuel costs at home and complicates reforms, its finance minister said on Monday.

Surging crude prices had some clear benefits for Africa’s top oil producer, boosting foreign exchange earnings, Wale Edun said in a statement ahead of this week’s meetings in Washington.

“But the shock comes at a critical transition point, intensifying inflationary pressures and raising living costs for households,” he added.

Petrol prices have surged more than 50% to 1,330 naira ($0.9788) per litre – and diesel more than 70% to 1,550 naira a litre – since the start of the conflict, hurting people and businesses, Edun said.

The jolting change threatened to derail reforms launched in 2023 to stabilize the economy and revive growth.

President Bola Tinubu has rolled out Nigeria’s most ambitious economic overhaul in ‌decades by ending costly fuel and energy subsidies, devaluing the currency and changing the tax system.

At this week’s meetings, Edun, who chairs the G24 group of developing countries, said he planned to push for lower borrowing costs, fairer global financial conditions and more support for countries pursuing reforms.

Nigeria’s benchmark Bonny Light crude grade climbed from about $70–$73 a barrel before the conflict to current levels above $120, the government said.

Inflation eased sharply to 15.06% in February from around 33% in December 2024, but remains high compared with regional peers and has come under renewed pressure since the conflict began, the World Bank said last week.

Edun said the government would focus on attracting private investment, creating jobs and sustaining growth, while shielding vulnerable households from rising prices.