Finance Minister Edun Appeals to IMF for Relief Amid Nigeria’s Inflation Surge

Nigeria’s Finance Minister Wale Edun has appealed to the IMF for urgent support to ease the country’s rising inflation amid global pressures. He presented Nigeria’s case ahead of the 2026 IMF and World Bank Spring Meetings. The ministry is calling for lower borrowing costs, fairer global financial rules and increased assistance for developing economies. Officials say these steps will help reduce fiscal pressure, attract investment and improve living conditions. Edun highlighted how higher oil prices have boosted revenue but also pushed petrol costs to about ₦1,300 per litre and diesel to around ₦1,550. These hikes are adding to household and business expenses and stoking inflation. Since 2023, reforms like fuel subsidy removal, market-based exchange rates and diversified funding have strengthened Nigeria’s economy. The government now aims to boost private investment, deepen capital markets and leverage the AfCFTA for growth.

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