Finance Minister Wale Edun has said that a rise in the country’s crude oil production to 1.8 million barrels a day is generating fiscal breathing space that will allow the government to support vulnerable households as it goes ahead with reforms.
He spoke with Reuters in an interview on Wednesday on the sidelines of the International Monetary Fund and World Bank Group spring meetings in Washington.
Edun said rising crude production would boost revenue, foreign exchange, and the fiscal situation of the country.
“It gives us that extra fiscal space within which to look at … helping the vulnerable households at this time.”
However, support would be targeted, said Edun, adding “there is no thought of any return or retardation to broad untargeted subsidies.”
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Edun said the country suffered no fuel shortages thanks to the Dangote refinery.
“We have managed to keep the pumps going and adequate supply of petroleum products, particularly petrol and diesel, and so forth, and even jet fuel.”
Asked about the impact on the economy from the Iran war, which is expected to crimp growth around the globe, Edun said the outlook was very uncertain.
“The impact on growth can be … either minimal, but over time, it could, if things drag on, it could lead to world recession,” he said.
This is as a report by the National Bureau of Statistics (NBS) on Wednesday showed consumer inflation rose for the first time in a year in March.
Headline inflation rate also rose to 15.38% in March 2026, reflecting a modest increase from the 15.06% recorded in February.
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The IMF trimmed its GDP growth forecast for Nigeria to 4.1% for this year from a January prediction of 4.4%, though it expects growth to accelerate to 4.3% in 2027. The Fund said that growth momentum benefited from improved macroeconomic stability and positive terms-of-trade effects, though warned of headwinds from higher goods and transport costs.
Meanwhile, Edun said the government was committed to continuing its reform programme.
“Nigeria is in a position where the resilience that has been built in the economy is actually very obvious for all to see,” said Edun.
“We are very much focused on maintaining the reform pathway and very much focused on improving the resilience of the Nigerian economy to withstand external shocks.”
Asked about its relationship with the Fund, Edun said “Nigeria is not looking for any financial support from the IMF.”
