Edun’s Mission: Nigeria Targets $1.5B at 2025 IMF Spring Meetings

 Finance Minister Wale Edun will lead Nigeria’s delegation to the IMF/World Bank Spring Meetings in Washington, DC, from April 28-30, 2025, aiming to secure $1.5 billion in loans to address a $3 billion budget deficit. 

Joined by Central Bank Governor Olayemi Cardoso and Budget Minister Atiku Bagudu, Edun seeks to renegotiate Nigeria’s $15 billion external debt, which consumes 40% of revenue, per IMF’s 2024 Nigeria report. With inflation at 32% and the naira at ₦1,650/$, Edun’s agenda includes green energy funding and agricultural reforms to boost Nigeria’s $477 billion GDP.

His 2024 talks secured $750 million, but projects like the $800 million Ajaokuta steel revival remain stalled, per ThisDay. Critics, including economist Bismarck Rewane, argue Nigeria’s 70% debt-to-GDP ratio risks a default, citing Zambia’s 2023 precedent. 

Supporters highlight Edun’s tax reforms, raising VAT to 12.5%, as fiscal progress. The meetings follow Nigeria’s $2 billion Eurobond issuance in February, which Moody’s rated B3, signaling high risk. Edun faces pressure to balance austerity with growth, as 88 million Nigerians live below $2 daily, per World Bank.