Nigeria has no immediate plans to approach the International Monetary Fund, IMF, for financial assistance or external bailout support.
This is according to the Minister of Finance, Wale Edun, who also revealed that Nigeriaās current reliance on domestic economic reforms and fund mobilisation was working.
Edun gave these insights during the African Finance Ministersā briefing, on Thursday, at the ongoing IMF/World Bank annual meetings, in Washington, DC.
He noted that for over two years, Nigeriaās investment in economic reforms have begun to yield results, restoring policy credibility and strengthening the countryās resilience against global economic shocks.
Edun told the global west and the rest of the world that Nigeria now prioritises market-based adjustments, avoiding administrative controls, particularly in foreign exchange and petroleum pricing mechanisms.
His assertion follows the disclosure by the IMF that a possible $50 billion support to cushion vulnerable economies against the crisis in the Middle East, was on the pipeline.
Despite clarifying Nigeriaās lack of interest in borrowing, Edun, urged the IMF to ensure faster financial assistance for African countries who will need help from the $50 billion global support package.
āNigeria has no plans at the moment to approach the IMF or any other such body,ā Edun said, emphasising that Nigeriaās reliance on market mechanisms had led to smoother economic adjustments, reduced disruptions and is sustaining the countryās macroeconomic trajectory.
āThe IMF talked about $50 billion and we all know that the funding will largely go to Africa, because those are the most vulnerable countries. And the reality is that what weāre asking for in this instance, is that the funds and the support be released quickly and at scale.
Nigeria opts out of IMF $50bn support, urges intervention for vulnerable African nations
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