WASHINGTON, D.C.: Nigeria is taking its own path on the economy by focusing on local reforms instead of turning to the International Monetary Fund (IMF) for help, Finance Minister Wale Edun said Thursday.
At the African Finance Ministers’ briefing during the IMF/World Bank Annual Meetings, Edun said that two years of market-driven reforms have helped restore trust in Nigeria’s policies and made the country stronger against global challenges.
He explained that Nigeria chose not to use strict government controls, and instead made changes to foreign exchange and fuel prices based on the market.
Edun said that because of these reforms, Nigeria does not need IMF loans right now. He also called for quicker and more coordinated financial help for other African countries that are still facing outside risks.
He mentioned a proposed $50 billion global support package and noted that Nigeria is more stable than many other countries in the region.
He said that by using its own policies, Nigeria has been able to adjust its economy more smoothly and stay on track, even during uncertain times around the world.
