Washington, April 14, 2026 — Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said ongoing economic reforms are strengthening the country’s ability to withstand external pressures while supporting sustained growth.
A statement from his Special Adviser, Dr Ogho Okiti, noted that Edun made the remarks in Washington during Nigeria’s participation in the International Monetary Fund (IMF) and World Bank Group Spring Meetings.
He explained that despite volatility in global fuel and food markets, government policies are helping to cushion domestic impacts, maintain stability, and ensure that reform efforts continue to benefit households and businesses over the long term.
Edun added that the rise in crude oil prices, with Bonny Light trading above $110 per barrel, presents an opportunity to increase national revenue, improve foreign exchange inflows, and strengthen fiscal stability.
He also said measures are being implemented to stabilise fuel, diesel, and gas supply while reducing cost pressures and sustaining economic activity across key sectors.
According to him, Nigeria’s policy direction has helped sustain investor confidence at a time of tightening global capital flows, positioning the country as an attractive destination for long-term investment.
The minister noted that reforms introduced since 2023, including fuel subsidy removal and exchange rate liberalisation, have improved economic fundamentals, increased transparency, and enhanced resilience to global shocks.
He further stated that crude oil production has risen to about 1.86 million barrels per day, while the Naira-for-crude arrangement is supporting local refining, improving energy security, and easing pressure on consumers.
Edun also pointed out that Nigeria’s upgrade to Frontier Market status by FTSE Russell reflects growing investor confidence, while ongoing tariff adjustments are boosting industrial output and trade competitiveness.
He said Nigeria would continue to advocate for more favourable global financial conditions, increased investment flows, and stronger international cooperation to support reforms and drive growth in developing economies.
Reaffirming government’s commitment, he stressed that the reforms are intended to deliver real improvements in citizens’ lives, including job creation, poverty reduction, and the development of a more resilient and inclusive economy.
The statement added that Edun will also chair the G24 meetings and engage global partners to highlight Nigeria’s reform progress, deepen cooperation, and attract investment to support inclusive development.