By Our Correspondent

National News – The Federal Government of Nigeria has firmly stated it will not seek financial assistance from the International Monetary Fund’s proposed $50bn support fund for struggling economies.

This position was made clear by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during the ongoing Spring Meetings of the IMF and World Bank in Washington, D.C. on Thursday.

According to Edun, Nigeria currently has no intention of adding to its debt burden by borrowing from the IMF facility.

He emphasised that while the fund is designed to assist vulnerable nations, the government is focused on managing its economic challenges without taking on additional external loans at this time.

This decision comes despite growing global economic uncertainties and financial pressures affecting several African economies.

The IMF, led by Managing Director Kristalina Georgieva, had earlier indicated plans to mobilise between $20bn and $50bn to support member countries facing economic distress.

She advised nations experiencing financial strain to act swiftly in seeking assistance, warning that delays could worsen their economic conditions.

However, Nigerian authorities have chosen a cautious approach, prioritising fiscal discipline and internal economic reforms.

Edun also highlighted the disproportionate impact of the ongoing Middle East crisis on African economies, particularly oil-importing countries.

He explained that although African nations are not directly responsible for the conflict, they are experiencing significant economic pressure, including threats to macroeconomic stability, slower growth, and challenges in job creation and poverty reduction.

Georgieva further warned that global economic growth could decline from 3.4 per cent last year to about 2.1 per cent in 2026, with a worst-case scenario of 2 per cent if current geopolitical tensions persist.

Rising oil prices and supply chain disruptions were identified as major risks to global stability, especially for low-income and energy-dependent countries.