Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that Nigeria’s economy is in shock, as global countries swim in the fallouts of ongoing crisis in the Middle East.

A Monday statement by Special Adviser on Media and Communications to the Minister,  Dr. Ogho Okiti, noted that the shock comes on the back of recent economic reforms aimed at building the right economic foundations for lifting millions out of poverty.

The International Monetary Fund (IMF), in a statement ahead of the 2026 Spring Meetings starting from Monday, April 13, said it anticipates up to $50 billion in emergency financing may be needed for countries hit by balance-of-payments shocks.

More than 1,000 delegates from 190 countries will be arriving in Washington for the World Bank and IMF Spring Meetings.

This year’s spring meeting is themed “Anchoring Stability and Promoting Balanced Growth”, coming amidst new headwind: the economic fallout from the Middle East war.

US President Donald Trump ordered the US Navy on Sunday to block key Gulf sea lane, the Strait of Hormuz, furious with Iran’s refusal to surrender its nuclear ambitions after peace talks broke down without agreement.

In response, Iran’s Revolutionary Guards warned they have traffic in the strategic waterway under full control and would trap any enemy who try to challenge it “in a deadly vortex in the Strait if it makes the wrong move”.

The Managing  Director of the IMF, Kristalina Georgieva, had warned that the Fund would cut global growth projections when the meetings commence from April 13th.

The IMF boss cited “scarring effects from spiralling energy costs, supply disruptions, and damaged infrastructure” as a result of the war.

The 2026 IMF/World Bank Spring Meetings take place at a moment of heightened global uncertainty.

According to Edun, also head of Nigeria’s delegation to the Spring Meetings, noted that at a critical time of economic transition, “the shock compounds high fuel prices, increasing food costs, and broader inflationary pressures, and places further strain on households and businesses.”

The US–Israel–Iran conflict has triggered a major external shock, disrupting energy markets, tightening global financial conditions, and introducing renewed inflationary pressures across advanced and emerging economies.

In Nigeria, Edun says that the government is trying to accelerate economic growth in a difficult environment shaped by external shocks and domestic price and inflation pressures.