The finance minister said Nigeria's reform programme is fundamentally about macroeconomic stability for the purpose of attracting investments required to lift millions out of poverty.
At the ongoing IMF-World Bank Spring Meetings 2026, Nigeria has raised concerns about mounting global economic pressures triggered by Middle East tensions, calling for greater support during its economic transition.
Nigeria's participation in the IMF-World Bank Spring Meetings 2026, scheduled for 13 to 18 April, was disclosed in a media brief issued by the Ministry of Finance on Monday.
Leading Nigeria's delegation, Minister of Finance, Wale Edun, said the US/Israel-Iran conflict has disrupted global energy markets and fueled inflation, triggering economic shocks worldwide, including in Nigeria.
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He said the shock comes at a critical time for Nigeria's economic reforms, with rising fuel and food prices placing additional strain on households and businesses
Since the war started in March, crude oil prices have surged by 35-50 per cent, with Bonny Light, Nigeria's crude, rising from about $70-$73 to over $110-$120 per barrel.
On the home front, petrol prices climbed above N1,260 to 1330 per litre, while diesel peaked around N1,550, reflecting the global impact.
While higher oil prices could boost Nigeria's foreign earnings and fiscal revenues, the finance minister warned that the benefits are offset by domestic pressures transmitted through three key channels: energy prices, capital flows, and logistics and import Costs.
"Volatility in global energy markets is already influencing domestic energy-related commodities, with direct implications for prices and the standard of living of Nigerians.
"Heightened geopolitical risks often trigger shifts in global investment patterns, with investors moving toward safe-haven assets. These dynamics may affect capital flows into emerging markets, including Nigeria, as well as broader financial market conditions.
"Disruptions to major shipping and energy supply routes could raise international freight and logistics costs, which may translate into higher import costs and increased pressures on domestic prices," Mr Edun explained.
Government response
According to the finance minister, the Nigerian government is better prepared for economic shocks than it was for previous shocks such as COVID-19 and the Russia-Ukraine war.
Since May 2023, Mr Edun said the government has increased oil production to 1.86 million barrels per day, strengthened the Naira-for-Crude policy to stabilise domestic fuel supply, maintained a liberalised foreign exchange market, and coordinated fiscal, monetary, and trade policies, including tariff reductions on key industrial inputs.
"These actions reflect a government focused on stabilisation, resilience, and growth continuity," Mr Edun stated.
Support call
As chair of the Group of 24, Mr Edun is advocating for lower borrowing costs, fairer financial conditions, and increased global support for developing economies navigating both reforms and external shocks, including Nigeria.
He stated that Nigeria needs greater support during its economic transition, as it is facing global economic shocks and domestic adjustments simultaneously.
"Lower cost of capital for Nigeria and other developing countries, fairer global financial conditions that will help reduce the impact of external shocks on economies such as ours, additional support for economies navigating reforms and external shocks simultaneously," the statement read.
He expressed concerns about how reforms can translate into improvements in Nigerians' welfare, the inflationary impact of the crisis on Nigerians' pockets, and the associated strain on efforts to lift millions of people out of poverty.
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"The government would appreciate the continued support of trusted partners such as the World Bank and the IMF and investors as we navigate the current headwinds," he said, calling for the global bodies' support.
He said Nigeria's reform programme is fundamentally about macroeconomic stability to attract the investments required to lift millions out of poverty.
According to the finance minister, Mr Edun, at the meeting, the next phase of Nigeria's economic strategy focuses on scaling private investment, unlocking domestic capital markets, driving job-rich growth, and leveraging regional integration (AfCFTA).
"The government remains resolute and working harder to maintain macroeconomic stability, attract investments to drive inclusive growth, and invest in human capital and social protection," he said.
