Source: International Monetary Fund (IMF) |

Coronavirus - Benin: International Monetary Fund (IMF) Executive Board Approves a US$125 Million Disbursement Under Benin’s Extended Credit Facility (ECF)-Supported Arrangement

The authorities are implementing a response plan that will raise significantly health spending and provide support to vulnerable households and impacted businesses

The Executive Board decision allows an immediate disbursement of US$125.1 million to Benin to address the urgent financing needs stemming spread of COVID-19 and to mitigate its economic and social impacts; The authorities are implementing a response plan that will raise significantly health spending and provide support to vulnerable households…

Source: International Monetary Fund (IMF) |

Coronavirus - Nigeria: IMF Executive Board Approves US$ 3.4 Billion in Emergency Support to Nigeria to address the COVID-19 Pandemic

The COVID-19 outbreak has magnified existing vulnerabilities, leading to a historic contraction in real GDP growth and to large external and fiscal financing needs

The IMF approved US$3.4 billion in emergency financial assistance under the Rapid Financing Instrument to support the authorities’ efforts in addressing the severe economic impact of the COVID-19 shock and the sharp fall in oil prices; The COVID-19 outbreak has magnified existing vulnerabilities, leading to a historic contraction in real…

Source: International Monetary Fund (IMF) |

Coronavirus - Nigeria: Statement by IMF Managing Director Kristalina Georgieva on Nigeria

President Buhari’s administration is taking a number of measures aimed at containing the spread of the virus and its impact

Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) issued the following statement:   “Nigeria’s economy is being threatened by the twin shocks of the COVID-19 pandemic and the associated sharp fall in international oil prices.  President Buhari’s administration is taking a number of measures aimed at containing the…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Completes Review Mission to Niger

Fiscal policy is geared toward striking the difficult balance between attending to public needs and supporting macroeconomic stability

Implementation of the government’s reform program has been satisfactory despite a challenging environment; Economic growth is solid thanks to important large-scale projects. Ensuring that the local private sector benefits from them is central to improve living standards; Fiscal policy is geared toward striking the difficult balance between attending to public…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Concludes Visit to Nigeria

An International Monetary Fund (IMF) staff team led by Amine Mati, Senior Resident Representative and Mission Chief for Nigeria, visited Lagos and Abuja

A slow economic recovery is continuing, inflation is falling, and external buffers are declining in the face of increased portfolio outflows; Elevated fiscal deficits rely on central bank financing, which complicates monetary policy; Action on a coherent and coordinated set of policies is urgently needed to reduce vulnerabilities and increase…

Source: International Monetary Fund (IMF) |

International Monetary Fund Staff Concludes Visit to Nigeria

The outlook for 2018 remains challenging, as private sector lending remains low and foreign exchange inflows are mostly short-term

Higher oil prices and portfolio flows have helped strengthen fiscal and external buffers; The outlook for 2018 remains challenging, as private sector lending remains low and foreign exchange inflows are mostly short-term; Action on a coherent set of policies to reduce vulnerabilities and increase growth over the medium term remains…

Source: International Monetary Fund (IMF) |

IMF Staff Completes 2018 Article IV Mission to Nigeria

Economic activity expanded by 1.4 percent year-on-year in the third quarter of 2017—the second consecutive quarter of positive growth after five quarters of recession

Nigeria is exiting the recession but the economy remains vulnerable. Welcome actions to improve the power sector and business environment under the Economic Recovery and Growth Plan. Macroeconomic and structural reforms remain urgent to contain vulnerability and support sustainable private sector led growth. An International Monetary Fund (IMF) staff team…

Source: International Monetary Fund (IMF) |

IMF Staff Concludes Visit to Benin

The authorities are implementing a package of measures to maintain macroeconomic and financial stability and raise living standards

The economy grew by 4 percent in real terms in 2016, overcoming the low-growth environment that resulted from negative spillovers from Nigeria. The authorities are implementing a package of measures to maintain macroeconomic and financial stability and raise living standards. IMF staff and the authorities agreed that the early progress…

Source: International Monetary Fund (IMF) |

IMF Executive Board Concludes 2017 Article IV Consultation with Nigeria

With oil receipts dominating fiscal revenue and exports, the Nigerian economy has been hit hard by low oil prices and falling oil production

On March 29, 2017, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation [1] with Nigeria. With oil receipts dominating fiscal revenue and exports, the Nigerian economy has been hit hard by low oil prices and falling oil production. The country entered into a recession…