Nigeria Seeks IMF, World Bank Support as Iran Shock Hits Reforms
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Nigeria will seek stronger international financial support at this week’s IMF-World Bank Spring Meetings as the Iran war lifts fuel costs at home and complicates reforms, Finance Minister Wale Edun said on Monday. He said surging crude prices have boosted foreign exchange earnings for Africa’s top oil producer, but also intensified inflationary pressures and living costs.
Petrol prices have risen more than 50% to 1,330 naira per litre and diesel more than 70% to 1,550 naira since the conflict began, hurting households and businesses. Edun said the shock threatens to derail reforms launched in 2023 to stabilise the economy, including subsidy cuts, currency devaluation and tax changes.
Nigeria’s benchmark Bonny Light crude has climbed from about $70–$73 a barrel before the conflict to above $120, improving revenue but adding to economic volatility. Edun said the government would focus on attracting private investment, creating jobs and shielding vulnerable households from rising prices.
At the Washington meetings, Edun said he will push for lower borrowing costs, fairer global financial conditions and more support for countries pursuing reforms. The World Bank said inflation, while lower than late 2024, has come under renewed pressure since the conflict began.
