Edun rules out seeking IMF bailout, expresses confidence in success of economic reforms

The Tinubu administration has dismissed the possibility of seeking financial assistance from the International Monetary Fund (IMF) for now, expressing confidence in the effectiveness of its domestic economic reforms.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, stated this while speaking to fellow African finance ministers on the sidelines of the IMF/World Bank Spring Meetings in Washington, D.C.

In a statement issued by the Head of Information and Public Relations Unit of the Federal Ministry of Finance, Efe Ovuakporie, Edun said the economic reforms implemented over the past two years are beginning to deliver measurable outcomes, boosting investor confidence and strengthening the country’s resilience to global economic pressures.

He highlighted the government’s commitment to market-driven policies, noting that authorities have deliberately avoided heavy administrative interventions, particularly in foreign exchange management and fuel pricing.

According to the minister, Nigeria remains focused on sustaining internally driven reforms rather than relying on external financial support.

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“The path we have chosen is consistent,” Edun said, adding that the government is determined to consolidate gains from its reform agenda.

Despite the country’s improving outlook, he cautioned that economic conditions across much of Africa remain delicate.

He called for stronger and more coordinated international financial support for vulnerable economies, especially as discussions continue around a proposed $50 billion global assistance package.

While Nigeria has made progress in building economic buffers, Edun noted that several African countries are still highly susceptible to external shocks and require urgent support to stabilise their economies.

He added that the adoption of market-based policies has helped cushion the impact of ongoing adjustments, minimising disruptions and keeping Nigeria on a relatively stable macroeconomic path despite global uncertainties.