Nigeria Has No Immediate Need For IMF’s Support – Edun

The Minister of Finance, Wale Edun says Nigeria has no immediate plans to approach the International Monetary Fund (IMF) for financial assistance.

Edun made this known at the African Finance Ministers’ briefing, during the IMF/World Bank Annual Meetings, on Thursday in Washington.

He said that the reliance on ongoing domestic economic reforms was working.

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

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

Edun reaffirmed that the country continued relying on internal policy measures, rather than seeking multilateral lending support at this time.

He, however, urged faster and coordinated financial assistance for African countries, amid discussions on a proposed $50 billion dollars global support package.

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

He 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.

Source: News Agency of Nigeria NAN)