IMF Urges Early Support for Nigeria, Others Amid Strain

The Managing Director of the International Monetary Fund IMF, Kristalina Georgieva, has urged Nigeria and other countries facing economic pressure to move quickly in seeking financial assistance, warning that delays could deepen economic challenges.

Georgieva made the call during a press conference at the 2026 Spring Meetings of the IMF and the World Bank in Washington DC, where she addressed mounting global economic concerns linked to the ongoing crisis in the Middle East.

Speaking during a question and answer session, she advised governments to adopt policies aimed at reducing energy consumption, noting that some countries had already introduced measures such as free public transportation and remote work options.

“I have seen some countries doing exactly that, putting in place incentives like making transportation free or allowing people to work from home. If we did it during COVID, I don’t see any reason why we can’t do it now,” she said.

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

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

The IMF chief also emphasised the importance of sound fiscal management, urging governments to build economic buffers during periods of stability.

Reflecting on her recent engagement with African central bank governors and finance ministers, Georgieva disclosed that while no immediate requests for financial assistance were made, officials sought policy guidance. She warned, however, that financial support may soon become necessary and encouraged swift action when the need arises.

“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.

Georgieva also highlighted the broader global impact of the Middle East conflict, describing it as a major source of economic disruption.

“We have been watching developments in the Middle East. A war that causes significant pain to people and economies in the region and around the world. The impact on the global economy is already large,” she said.

According to IMF projections, global growth is expected to decline from 3.4 per cent last year to 2.1 per cent in 2026. She warned that a prolonged conflict and sustained high oil prices could worsen the situation.

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

On the IMF’s global outlook, Georgieva cautioned that in a worst case scenario, global growth could fall to two per cent, stressing that the impact would be widespread.

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“In the most adverse case, growth could fall to two per cent, and the shock is global,” she said.

She added that energy-importing countries, many of which are low-income economies, are particularly vulnerable to the ongoing shocks.

Georgieva reaffirmed the IMF’s commitment to supporting member countries through the crisis, revealing that demand for financial assistance could range between 20 billion dollars and 50 billion dollars.

“We anticipate financial demand for IMF support to range between $20bn and $50bn, which represents augmentation of some existing problems and prospective demands from new problems from at least a dozen countries, a number of them in Sub-Saharan Africa,” she said.

She concluded by stressing that maintaining financial stability remains a top priority, as the global economy faces increasing uncertainty driven by geopolitical tensions and rising energy costs.