BREAKING: Nigeria Seeks IMF, World Bank Assistance Amid Rising Oil Prices from Iran Conflict

The Federal Government of Nigeria has revealed plans to seek increased international financial support at the ongoing IMF–World Bank Spring Meetings as the escalating Iran conflict disrupts domestic economic reforms.

Finance Minister Wale Edun stated that while surging oil prices have boosted foreign exchange earnings for Nigeria, Africa’s largest oil producer, they have also led to heightened inflationary pressures and a rising cost of living.

Edun is set to meet with officials from the International Monetary Fund (IMF) and the World Bank in Washington where he will advocate for lower borrowing costs, fairer global financial conditions, and enhanced support for economies undergoing structural reforms.

The minister highlighted that petrol prices have surged by more than 50 percent to 1,330 naira per litre, while diesel has risen by over 70 percent to 1,550 naira per litre since the conflict began, with the price hike attributed to rising crude prices, Nigeria’s benchmark Bonny Light grade jumping from $70–$73 per barrel to above $120.

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Since 2023, President Bola Tinubu has introduced significant economic reforms, including the removal of fuel subsidies, exchange rate liberalisation, and tax restructuring to stabilise the economy and attract investment, however, officials caution that the ongoing external shock could slow the progress of these reforms.

Inflation, which had decreased to 15.06 percent in February from nearly 33 percent in December 2024, remains high compared to regional peers, with renewed upward pressure on prices.

Edun, who also chairs the G24 group of developing nations, emphasized the government’s focus on attracting private investment, sustaining economic growth, and shielding vulnerable households from the impacts of rising fuel and food prices.

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Analysts note that while higher oil prices offer short-term revenue gains, persistent inflation and energy costs could challenge public support for ongoing structural reforms.

For further updates on economic and financial developments across Africa, stay with Polity Reporters.

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