The Nigerian government has ruled out any immediate recourse to borrow from the International Monetary Fund (IMF) in view of the growing confidence of foreign and local investors in the country’s current economic recovery strategy.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, made this remark while addressing African Finance Ministers on the sidelines of the IMF/World Bank Meetings in Washington D.C
Edun stated that Nigeria’s reform programme, which has been sustained over the past two years, had begun to yield tangible results, restoring credibility to economic management and strengthening the country’s ability to withstand mounting global headwinds.
He further underscored the government’s deliberate shift towards market-led policies, stressing that Nigeria has resisted the temptation of administrative controls, particularly in the areas of foreing exchange (FX) management and petroleum pricing regime.
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The minister clarified: “The direction is clear. Nigeria is staying the course with internally driven reforms rather than turning to multilateral financing.”
Edun, however, noted that despite Nigeria’s improving outlook, that the broader African landscape remained fragile, and called for accelerated and better-coordinated international financial support for vulnerable economies, as discussions intensify around a proposed $50 billion global assistance package.
While reforms have enabled Nigeria to build critical buffers, the Minister noted that many African countries remained highly exposed to external shocks and urgently required support to stabilise their economies.
The minister maintained that Nigeria’s reliance on market mechanisms had helped soften the impact of necessary adjustments, reducing dislocations and keeping the economy on a steady macroeconomic trajectory even as global uncertainties persist.
