This web page presents information about the work of the IMF in Nigeria, including the activities of the IMF Resident Representative Office. Additional information can be found on the Nigeria and IMF country page, including IMF reports and Executive Board documents that deal with Nigeria.
At a Glance : Nigeria's Relations with the IMF
- Current IMF membership: 189 countries
- Date of Nigeria's membership: March 30, 1961
- Quota: SDR 1753.2 million (0.5 percent of total)
- Outstanding loans: None
- Latest Article IV consultation: February 11, 2011
- Policy Support Instrument: Approved 16 October, 2005; Expired 15 October 2007; four reviews completed
- Technical Assistance: 10 missions in 2007; 2 resident advisors in post September 2008
Nigeria and The IMF
April 16, 2016
April 15, 2016
April 14, 2016
Low-income developing countries need to diversify their economies, promote inclusion, and close infrastructure gaps by tapping both domestic resources and foreign funding to sustain growth.
April 14, 2016
April 8, 2016
Series: Country Report No. 16/102
Regional Economic Outlook for Sub-Saharan Africa
After an extended period of strong economic growth, many sub-Saharan African countries have been hit by a multiple of shocks—the sharp decline in commodity prices, tighter financing conditions, and a severe drought in southern and eastern Africa. Growth fell in 2015 to its lowest level in some 15 years and is expected to slow further to 3 percent in 2016. The growth performance, however, differs across countries, with most oil importers faring reasonably well. The region’s medium-term prospects remain favorable but many countries urgently need to reset their policies to reinvigorate growth and realize this potential. To this end, countries should adjust fiscal policies, and for those outside monetary unions, exchange rate flexibility, as part of a wider policy package, should also generally be part of the first line of defense. In the medium term, policies targeted at diversification and financial sector development could also strengthen resilience and boost growth.
Departmental Papers on Africa
The Departmental African Paper Series covers research on Sub-Saharan Africa conducted by International Monetary Fund (IMF) staff, particularly on issues of broad regional or cross-country interest. The views expressed in these papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
IMF Opens Africa Training Institute in Mauritius
The International Monetary Fund (IMF) on June 26, 2014 opened the Africa Training Institute (ATI) in Ebene, Mauritius, adding an important regional center to a global network of centers helping to develop countries' policymaking capacity by transferring economic skills and best practices.