The Minister of Finance, Wale Edun, has said Nigeria will not be seeking financial assistance from the International Monetary Fund (IMF) at this time, stressing that ongoing domestic economic reforms are already producing positive outcomes.
Edun made the statement on Thursday during the African Finance Ministers’ briefing held on the sidelines of the IMF and World Bank Annual Meetings in Washington, United States.
He explained that the Federal Government’s reliance on internal policy reforms over the past two years has helped restore confidence in Nigeria’s economic direction and strengthened the country’s resilience to global financial shocks affecting several African economies.
According to him, Nigeria has deliberately focused on market-driven adjustments, particularly in key sectors such as foreign exchange management and petroleum pricing, rather than administrative controls.
The minister said these reforms have improved policy credibility, reduced economic distortions, and supported a more stable macroeconomic environment.
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Edun added that Nigeria has built stronger buffers through its reform agenda, which has helped cushion the economy against external pressures.
However, he noted that many African countries still face significant fiscal and external vulnerabilities, urging the international community to accelerate coordinated financial support, including discussions around a proposed $50 billion global assistance package.
He reaffirmed that Nigeria would continue prioritising internal solutions over multilateral borrowing for now, while maintaining engagement on broader continental financial stability efforts.