Nigeria: IMF urges Nigeria, others to seek financial support early amid global shocks
By Zuleihat Owuiye, Mamos Nigeria
The International Monetary Fund has advised Nigeria and other countries under economic pressure to seek financial support quickly, warning that delays could worsen conditions as global growth slows.
Speaking at a press conference during the 2026 Spring Meetings of the World Bank/IMF in Washington DC, IMF Managing Director Kristalina Georgieva said the impact of the ongoing Middle East crisis on the global economy is already large. Supply chain disruptions and damaged infrastructure are driving up prices and slowing growth. Global growth is projected to decline from 3.4% last year to 2.1% in 2026.
“But if the conflict persists, and oil prices stay high for an extended period, we must brace for tough times ahead,” Georgieva said. In a worst-case scenario, global growth could fall to 2%, with energy-importing nations, many of them low-income or fragile economies, facing the highest negative impact.
Georgieva said many of the countries most affected by the crisis are in Sub-Saharan Africa. The IMF is working to identify those in urgent need of assistance. “We are very determined to use this week to identify which of the countries must get our support,” she stated.
She urged governments to adopt measures that reduce energy consumption, citing examples like free transportation or remote work. “If we did it during COVID, I don’t see any reason why we can’t do it now,” she said. She also stressed the need for strong fiscal policies and building buffers during stable periods to withstand future shocks.
During a meeting with African central bank governors and finance ministers, Georgieva said officials did not request immediate financial assistance but sought policy guidance. Still, she noted that financial need could arise. “My advice is that when you need help financially, don’t hesitate to move fast, because the sooner we act, the more we protect the economy,” she said.
The IMF anticipates financial demand for its support to range between $20bn and $50bn, covering both existing problems and new demands from at least a dozen countries, a number of them in Sub-Saharan Africa.
Georgieva added that maintaining financial stability remains a key priority, noting that the economic shock from the Middle East crisis has reached dangerously high levels.
