FG Seeks Cheaper Funding at IMF Meetings as Oil Windfall Offset by Surging Fuel Costs

 

WASHINGTON D.C. | APRIL 14, 2026

The Federal Government has said it will seek cheaper funding and stronger global financial support as mounting geopolitical tensions continue to pressure Nigeria's economy, ahead of the 2026 IMF and World Bank Spring Meetings in Washington, DC.

In a media brief issued on Monday by the Special Adviser to the Minister of Finance and Coordinating Minister of the Economy on Media and Communications, Dr Ogho Okiti, the government stated that Nigeria is grappling with the economic fallout from the ongoing US–Israel–Iran conflict, which has disrupted global energy markets and triggered renewed inflationary pressures.

Crude oil prices have risen sharply due to the conflict, with Nigeria's Bonny Light crude climbing from about $70–$73 per barrel to above $110–$120. While higher oil prices could boost government revenues and foreign exchange earnings, the government warned that the benefits are offset by rising domestic costs.

Petrol prices have risen by over 50 percent, from about N890–N900 to N1,260–N1,330 per litre, while diesel prices have surged by more than 70 percent to around N1,550 per litre at peak levels.

Finance Minister Wale Edun is expected to engage with global financial institutions, investors, ratings agencies, and development partners to strengthen Nigeria's economic position and attract investment. The government said these engagements would focus on demonstrating policy credibility and positioning Nigeria as a resilient economy amid global uncertainty.