IMF urges Nigeria, Others to seek early financial support

The Managing Director of the International Monetary Fund, Kristalina Georgieva, has urged Nigeria and other economies under pressure to seek financial support promptly to avoid worsening economic conditions.

Ms Georgieva gave the advice during a press briefing at the 2026 Spring Meetings of the World Bank/IMF in Washington DC, where she addressed the growing impact of global economic challenges, including the ongoing Middle East crisis.

She warned that delays in accessing financial assistance could deepen economic instability, stressing the importance of timely intervention.

“But, of course, there could be a need for financial support. And 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.

Energy and policy measures

Ms Georgieva also encouraged countries to adopt measures aimed at reducing energy consumption, noting that some governments have already introduced incentives such as free transportation and remote work policies.

“I have seen some countries doing exactly that… If we did it during COVID, I don’t see any reason why we can’t do it now,” she added.

Africa in focus

The IMF chief observed that many of the countries most affected by the Middle East crisis are in Sub-Saharan Africa, adding that the Fund is working to identify those in urgent need of support.

She revealed that discussions with African finance ministers and central bank governors focused more on policy guidance than immediate funding requests, though potential financial needs remain.

“We are very determined to use this week to identify which of the countries must get our support,” she stated.

Global outlook

Ms Georgieva warned that the ongoing conflict in the Middle East is already taking a toll on the global economy, disrupting supply chains, damaging infrastructure, and pushing up prices.

She projected that global economic growth could decline from 3.4 per cent last year to 2.1 per cent in 2026, with a possible drop to two per cent in a worst-case scenario.

“But if the conflict persists, and oil prices stay high for an extended period, we must brace for tough times ahead,” she said.

According to her, energy-importing nations—many of them low-income economies—are particularly vulnerable to the ongoing shocks.

IMF support outlook

The IMF boss reaffirmed the institution’s commitment to supporting member countries, disclosing that demand for financial assistance could range between $20 billion and $50 billion.

This, she noted, would include both existing programmes and new requests from at least a dozen countries, many of them in Sub-Saharan Africa.