Home Topics IMF

IMF

Nigeria Naira

Minister: Unifying Naira’s exchange rate will take time

The total borrowing of the country as of 31 December is 21.6 per cent of the GDP. So, if we were not looking at adding the other category of loans that I mentioned, we don’t even need to increase that at this time As of 2019, the debt to GDP ratio was 19.2 per cent so only two per cent was added.
Zainab Ahmed, the minister of finance, budget and national planning, says state and local governments share some of the responsibility to fix roads in Nigeria.

Nigerian government celebrates rising price of crude oil in the global market

The federal government has described as a welcome development, the rising price of crude oil in the global market, saying, “this is a good omen for Nigeria”.

IMF, Ethiopia agree framework for loan deal reviews

The International Monetary Fund said on Tuesday it had agreed a blueprint for the completion of reviews of Ethiopia’s loan programme, taking account of the impact of the coronavirus and the country’s “domestic security situation”.
The central bank set the indicative rate at 375 pounds to the dollar, several commercial banking sources said, from a previous official rate of 55 pounds. Recently, the dollar traded at between 350 and 400 Sudanese pounds on the black market.

Sudan sharply devalues currency as it aims for debt relief

Sudan’s central bank sharply devalued the country’s currency on Sunday, announcing a new regime to “unify” official and black-market exchange rates.
Nigeria Naira

Economic expert: Key lessons learnt from exiting recession

Economic expert, Prof Uche Uwaleke has listed four major lessons to be learnt from National Bureau of Statistics (NBS) report which stated that Nigeria has exited the current economic recession.

IMF endorses CBN’s policy on cryptocurrency, seeks FX rates unification

The International Monetary Fund (IMF) has expressed its support for the recent directive of the Central Bank of Nigeria (CBN) to financial institutions to ban transactions with cryptocurrency.
Myanmar’s military may have access to more than $5bn in foreign exchange reserves that it could use to further strengthen its hold following a coup on February 1, according to an activist group.

Group urges foreign officials to locate, freeze Myanmar assets

Myanmar’s military may have access to more than $5bn in foreign exchange reserves that it could use to further strengthen its hold following a coup on February 1, according to an activist group.

IMF: Nigeria vowed to avoid fuel subsidy’s return

The International Monetary Fund says Nigeria has expressed strong commitment to avoid the return of fuel subsidy and to put an end to electricity tariff shortfalls by June this year.

Nigeria to increase borrowing limit in new debt management plan

On Wednesday, the Debt Management Office released the federal government’s Medium-Term Debt Management Strategy on its website, seeking to increase total public debt as a percentage of gross domestic product from 25 percent to a maximum of 40 percent.

WHO urges coronavirus vaccination as death toll rises in Africa

Deaths from COVID-19 across Africa have increased by 40 per cent in the last 28 days compared to the previous 28 days, the World Health Organisation (WHO) has said.
Aliko Dangote

IMF: Dangote Refinery has potential of bailing Nigeria from economic downturn

The International Monetary Fund, the global financial watchdog, is projecting that Nigeria’s Dangote Refinery would provide an elixir for the country’s economy when it is completed and starts production by 2022.
The Federal Executive Council, FEC, on Wednesday approved contracts worth over N26.7 billion for projects under the ministries of Information and Culture; Communication and Digital Economy, and Humanitarian Affairs, Disaster Management, and Social Development.

Nigerian government approves new debt management strategy

The Federal Executive Council (FEC) has approved a new Medium-Term Debt Management Strategy for Nigeria (MTDS) for the period 2020-2023.
The Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

Economic experts proffer solutions to funding budget deficit

Economic experts have proffered various means of funding N5.23 trillion 2021 budget deficit other than the ways and means that the International Monetary Fund, IMF, has cautioned the Central Bank of Nigeria, CBN, from adopting.
FILE PHOTO - Oil pours out of a spout from Edwin Drake's original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania U.S., October 5, 2017. REUTERS-Brendan McDermid

Analysts foresee faster economic recovery as oil price hits $60

Analysts yesterday forecasted a faster economic recovery for Nigeria as crude oil prices, at $60 per barrel, hit a new high since February 2020.
The logo of the International Monetary Fund (IMF), is seen during a news conference in Santiago, Chile, July 23, 2019. REUTERS-Rodrigo Garrido

IMF: Nigerian economy at ‘critical juncture’

The International Monetary Fund (IMF) on Monday said the Nigerian economy is at a critical juncture, having been weakened by falling per capita income, double-digit inflation, limited buffers, significant governance vulnerabilities, and the global pandemic.

IMF: Nigeria’s economic outlook remains challenging

The International Monetary Fund (IMF) says that Nigeria’s outlook remains challenging and charged the federal government to urgently undertake policy adjustments.
The logo of the International Monetary Fund (IMF), is seen during a news conference in Santiago, Chile, July 23, 2019. REUTERS-Rodrigo Garrido

IMF chief warns of “lost generation” if low-income countries don’t get more help

The head of the IMF on Friday urged advanced economies to provide more resources to low-income countries, warning of an emerging “Great Divergence” in global growth that could risk stability and trigger social unrest for years to come.
IMF Managing Director Kristalina Georgieva told reporters a new allocation of the IMF’s own currency, Special Drawing Rights, would give countries more fiscal space to address the health crisis and accelerate moves to a digital and green economy.

IMF: Economic outlook for most countries remain uncertain

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has noted that although the IMF has given financial support to member countries to enable the, deal with the impact of the coronavirus on their economies, the outlook remains uncertain.

IMF says fiscal support needed until recovery takes hold

Global debt likely reached 98% of economic output at the end of 2020 as governments poured in nearly $14 trillion in fiscal support to battle the coronavirus pandemic, the International Monetary Fund said on Thursday, urging that fiscal support stay in place until recovery is firmly underway.
The logo of the International Monetary Fund (IMF), is seen during a news conference in Santiago, Chile, July 23, 2019. REUTERS-Rodrigo Garrido

IMF: Coronavirus vaccines rollout gives global economy fresh prospects

The International Monetary Fund has said that the approval and rollout of vaccines have boosted expectations of a global recovery and lifted risk asset prices, despite rising COVID-19 cases and softening economic activity, not only in late 2020 hope of greater prospects in 2021.
Mr Sunday Baba, the immediate past Acting General Manager of the National Arts Theatre, Lagos, says the Central Bank of Nigeria (CBN) did not take over the national monument.

CBN: National Theatre renovation contract to be awarded ‘next couple of weeks’

The Central Bank governor, Godwin Emefiele, has expressed hope that a contract for the renovation of the National Art Theatre would be awarded in a few weeks.
The logo of the International Monetary Fund (IMF), is seen during a news conference in Santiago, Chile, July 23, 2019. REUTERS-Rodrigo Garrido

IMF revises Nigeria’s 2021 GDP forecasts to 1.5 percent

The International Monetary Fund (IMF) in its World Economic Outlook (WEO) update released yesterday has projected that the Nigerian economy will grow by 1.5 per cent this year, slightly lower than the 1.7 per cent it had predicted for the country in its previous forecast.

Recent Stories

As total coronavirus infections in Nigeria hit 24,077, the Nigeria Centre for Disease Control, NCDC has warned against abandoning face masks in favour of face shields.

NCDC activates Ondo state public health laboratory to its network

The Nigeria Centre for Disease Control (NCDC) says it has activated the inclusion of the Ondo State Public Health Laboratory to its Molecular Laboratory Network in the country.
The Federal High Court sitting in Uyo, Akwa Ibom State

Fraud: Court disqualifies lawyer as defence witness

The trial-within-trial of a suspected serial fraudster, Scales Ishola Olatunji was cut short on Thursday following a ruling by Justice Agatha Okeke of the Federal High Court sitting in Uyo, Akwa Ibom State which disqualified one Peter Mba from giving his testimony as a defence witness in the matter.
Senate Chief Whip, Orji Kalu with Niger State Governor, Abubakar Sani-Bello...

Senator Kalu urges Nigerian government to set up joint security committee

Senate Chief Whip, Orji Kalu, has called on federal government to set up a joint committee of representatives of all security forces to help existing commands to fast-track the release of the abducted students in Niger.
The Customs Area Controller, Apapa Command, on Thursday disclosed the seizure of tramadol, used clothing and others with a Duty Paid Value of N223m.

Customs seizes tramadol, used clothing, others worth N223 million in Lagos

The Customs Area Controller, Apapa Command, on Thursday disclosed the seizure of tramadol, used clothing and others with a Duty Paid Value of N223m.
The Lagos State Government on Sunday noon announced the reopening of Third Mainland Bridge earlier than 7 pm scheduled time.

Minister: Third Mainland Bridge will be totally reopened ‘this weekend’

Minister of Works and Housing, Mr Babatunde Fashola, said on Thursday that the Third Mainland Bridge in Lagos undergoing repairs, would be totally reopened to traffic ‘’this weekend’’.

Most Popular

Nigerian security operatives in an operation involving the Army, Air force and the Police in Orlu community of Imo State have arrested 20 members of the proscribed Indigenous People of Biafra, IPOB, according to PRNigeria.

Orlu: 20 IPOB members arrested as Army confirms killing of four soldiers

Nigerian security operatives in an operation involving the Army, Air force and the Police in Orlu community of Imo State have arrested 20 members of the proscribed Indigenous People of Biafra, IPOB, according to PRNigeria.

Nigerian Breweries declares N337 billion revenue for 2020

The revenue represented an increase of 4.3 per cent compared with N323 billion recorded in the corresponding period of 2019.
Former Napoli centre-forward Andrea Carnevale has urged Victor Osimhen to be more selfish in order to score more goals.

Napoli provide positive update on Victor Osimhen

Victor Osimhen will be assessed daily and gradually resume training following his head injury scare in Napoli’s 4-2 away defeat at Atalanta on Sunday.
Director General of NCDC, Dr Chikwe Ihekweazu addressing the press at the presentation of 15,000 COVID-19 test kits to NCDC by UNICEF in Abuja on Tuesday, Sept 29, 2020. [Twitter-@NCDCgov]

NCDC places Nigeria at ‘moderate risk’ of Ebola

The Nigeria Centre for Disease Control has placed Nigeria at ‘moderate risk’ of Ebola outbreak as Guinea battles the contagion.
The IOM says at least 20,000 migrants died since 2014 while trying to reach Europe crossing the Mediterranean, including 161 this year [Alberto Pizzoli-AFP]

Italy’s coastguard searches for survivors after migrant shipwreck

The Italian coastguard has launched a rescue operation after a boat carrying at least 50 migrants and refugees capsized overnight off the coast of Lampedusa.