NIGERIA’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that Nigeria’s economy is surviving the economic shocks triggered by the US-Israel-Iran conflict.
A statement on Monday, April 13, by Special Adviser on Media and Communications to the Minister, Ogho Okiti, said the global economic shock had impacted the “government’s economic reform plans for wealth creation and lifting millions out of poverty.”
Edun emphasised that Nigeria was not insulated, but more resilient, citing some reforms such as the crude-for-naira policy and increased oil production as supportive and economically impacting policies.
“The reforms have better positioned Nigeria to navigate the challenges posed by the current geopolitical crisis”, he added, noting that the next phase of Nigeria’s economic strategy would focus on scaling private investment, unlocking domestic capital markets, driving job-rich growth, and leveraging regional integration (AfCFTA).
According to the minister, the government remains resolute and is working harder to maintain macroeconomic stability, attract investment to drive inclusive growth, and invest in human capital and social protection.
Commenting further on global economic uncertainty, Edun, who heads Nigeria’s delegation to the International Monetary Fund (IMF) Spring Meetings, which commenced today, noted that at a critical time of economic transition, “the shock compounds high fuel prices, increasing food costs, and broader inflationary pressures, and places further strain on households and businesses.”
Edun also said that the government was accelerating economic growth and reforms in a difficult environment shaped by external shocks, domestic price and inflation pressures.
“As an oil producer, the government recognises that a longer duration of the conflict means improvements in foreign earnings and fiscal revenues. However, the shock comes as Nigeria seeks to strengthen its macroeconomic stability and resilience”, he said.
He added that volatility in global energy markets was impacting domestic energy-related commodities such as diesel, fuel and gas prices with direct implications for Nigerians’ standard of living.
He explained, however, that the government was maximising Nigeria’s crude oil revenues, foreign exchange earnings, fiscal revenues and deploying them for the benefits of Nigerians.
“The government continues to maintain a liberalised foreign exchange market to ensure continuous smooth capital flows. The policy has been validated by Nigeria’s reclassification as a Frontier Market by FTSE Russell, effective from September 2026.
“Improved and continuous close coordination across fiscal, monetary, and trade policies resulted in the recent tariff changes that reduce tariffs on critical industrial inputs to support production and expand international trade.
“These actions reflect a government focused on stabilisation, resilience, and growth continuity”, he said.
It would be noted that the International Monetary Fund (IMF), in a statement ahead of the 2026 Spring Meetings had said it anticipated up to $50 billion in emergency financing might be needed for countries hit by balance-of-payments shocks.
More than 1,000 delegates from 190 countries will be arriving in Washington for the World Bank and IMF Spring Meetings.
This year’s spring meeting is themed “Anchoring Stability and Promoting Balanced Growth”, coming amidst new headwind: the economic fallout from the Middle East war.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.