Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, is set to advocate lower borrowing costs and increased financial support for developing economies as the 2026 Spring Meetings of the International Monetary Fund and World Bank commence on Monday.
Edun, who also chairs the G24, said Nigeria would seek stronger international backing amid mounting global tensions, particularly the ongoing Iran conflict, which has driven up fuel prices and complicated economic reforms.
While higher crude oil prices present some upside for Nigeria through improved foreign-exchange earnings, he cautioned that the broader impact remains negative. He noted that the price shock is hitting at a delicate transition period, worsening inflationary pressures and increasing the cost of living for households.
According to the minister, petrol prices have surged by over 50 per cent to about N1,330 per litre, while diesel has risen by more than 70 per cent to around N1,550 per litre since the onset of the conflict, placing significant strain on households and businesses.
Edun warned that the spike in energy costs could undermine the reform programme introduced in 2023 under President Bola Tinubu. The reforms—considered among the most far-reaching in decades—include the removal of fuel subsidies, exchange rate adjustments and sweeping tax changes aimed at stabilising the economy and restoring growth.
At the Washington meetings, he said Nigeria would push for fairer global financial conditions, including reduced borrowing costs and stronger support frameworks for reform-oriented economies.
Nigeria’s Bonny Light crude has climbed sharply from about $70–$73 per barrel before the conflict to over $120, reflecting heightened geopolitical risks and tighter global supply conditions.
Although inflation eased to 15.06 per cent in February from around 33 per cent in December 2024, it remains elevated compared to regional peers and is facing renewed pressure following the surge in energy prices, according to the World Bank.
Edun reaffirmed the government’s commitment to policies that attract private investment, generate jobs and sustain growth, while also implementing measures to cushion the impact of rising living costs on vulnerable households.
