Nigeria Resilient to Global Shocks, Focused on Inclusive Growth, Finance Minister Says

Nigeria's economic resilience and commitment to inclusive growth were central themes at the recent IMF/World Bank Spring Meetings. Minister of Finance Wale Edun conveyed a strong message of confidence, highlighting that the nation's reform agenda, spearheaded by President Bola Ahmed Tinubu, is not only durable but also self-sustaining.

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Nigeria came to these meetings with a clear message: our reforms are durable and self-sustaining. We are more resilient to global shocks. We are focused on inclusive growth.

This administration's dedication to disciplined and credible policy is seen as the bedrock for achieving long-term prosperity and lifting Nigerians out of poverty. The reforms have demonstrably strengthened the economic outlook and restored investor confidence, making Nigeria better equipped to navigate global uncertainties. The shift to market-reflective foreign exchange and petroleum product pricing systems, without resorting to destructive controls or unsustainable subsidies, has been particularly noted for its smooth adjustment.

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Across our engagements this week, there was strong recognition and commendation, and Nigeria’s reform programme has been strengthening our economic outlook and restoring confidence.

While acknowledging the near-term challenge of inflation, exacerbated by global tensions affecting energy, logistics, and food prices, the government is actively pursuing measures to mitigate these impacts. Initiatives focused on scaling up social protection and enhancing agricultural programs are underway, demonstrating a commitment to supporting vulnerable households while maintaining reform discipline. This approach underscores Nigeria's determination to foster growth that benefits all segments of society.

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The main near-term risk from the current global tensions is inflation, particularly through energy prices, logistics, food, and fertilizer costs.