Source: International Monetary Fund (IMF) |

How Nigeria Can Unleash its Economic Potential

Increasing revenues, establishing an effective budget framework, and scaling up the cash transfer system can all support Nigeria’s progress

Over the past two years, Nigeria—Africa’s most populous country—has implemented difficult reforms to tackle long-standing obstacles weighing on the economy. While the reforms are starting to show results, poverty and food insecurity remain high, and the uncertain global environment presents additional challenges. As discussed in our latest annual economic health check…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Completes 2025 Article IV Mission with Nigeria

The Nigerian authorities have implemented major reforms over the past two years which have improved macroeconomic stability and enhanced resilience

The Executive Board of the International Monetary Fund (IMF) concluded the Article IV Consultation with Nigeria.(1) The Nigerian authorities have implemented major reforms over the past two years which have improved macroeconomic stability and enhanced resilience. The authorities have removed costly fuel subsidies, stopped monetary financing of the fiscal deficit…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Completes 2025 Article IV Mission to Nigeria

An International Monetary Fund team, led by Axel Schimmelpfennig, IMF mission chief for Nigeria, visited Lagos and Abuja on April 2–15 to hold discussions for the 2025 Article IV Consultations with Nigeria

The Nigerian authorities have taken important steps to stabilize the economy, enhance resilience, and support growth. These reforms have put Nigeria in a better position to navigate the external environment. The macroeconomic outlook is marked by significant uncertainty. Elevated global risk sentiment and lower oil prices impact the Nigerian economy.…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Executive Board Concludes 2022 Article IV Consultation with Nigeria

Nigeria’s economy has recouped the output losses sustained during the COVID-19 pandemic supported by favorable oil prices and buoyant consumption activities

On February 6, 2023, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Nigeria. Nigeria’s economy has recouped the output losses sustained during the COVID-19 pandemic supported by favorable oil prices and buoyant consumption activities. Gross domestic product (GDP) adjusted for inflation has already…

Source: International Monetary Fund (IMF) |

IMF Staff Concludes Staff Visit with Nigeria

IMF team led by Ms. Jesmin Rahman held meetings with the Nigerian authorities from June 6-10, 2022, to discuss recent economic and financial developments

Real GDP growth is broadening to all sectors except oil, but inflation remains elevated; The economic outlook is challenging with high food prices raising food security concerns. An International Monetary Fund (IMF) team led by Ms. Jesmin Rahman held meetings with the Nigerian authorities from June 6-10, 2022, to discuss…

Source: International Monetary Fund (IMF) |

IMF Executive Board Concludes 2021 Article IV Consultation with Nigeria

The Nigerian economy is recovering from a historic downturn benefitting from government policy support

On January 31, 2022, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation [1] with Nigeria. The Nigerian economy is recovering from a historic downturn benefitting from government policy support, rising oil prices and international financial assistance. Nigeria exited the recession in 2020Q4 and output…

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…