Nigeria Resident Representative Site
Resident Representative Office in Nigeria
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.
News — Highlights
Press Release: IMF Representative Endorses CBN Intervention in Some Banks As Essential to Long Term Growth and Development, September 15, 2009
The Impact of the Global Financial Crisis on Sub-Saharan Africa—Outlook for the Nigerian Economy; Charles N. O. Mordi; Research Department; Central Bank of Nigeria; May 19, 2009
Nigeria squandered its oil windfall of the 1970s, which led to three decades of economic stagnation and the degradation of public institutions. The reason was a mix of bad fiscal and macroeconomic policy, corruption, and poor governance. Besides, not many countries (or even economists) at that time fully understood how difficult it is to manage oil windfalls.
Nigeria and the IMF
Nigeria: 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Nigeria
March 30, 2015
Series: Country Report No. 15/84
Regional Economic Outlook for Sub-Saharan Africa
Sub-Saharan Africa's economy is set to register another year of solid growth, although the expansion will be at the lower end of the range registered in recent years, mainly reflecting the severe impact of the sharp decline in oil prices on the region's oil exporters. In a context of tightening global financial conditions, the large fiscal and current account deficits that prevail in some countries could leave them vulnerable to a potential reduction in external financing. An uneven global recovery and domestic security-related challenges are also risks to the outlook. Against this backdrop, and beyond the immediate effects of the current shock, further progress toward diversification and structural transformation remains crucial to sustain high and inclusive growth, generate jobs for the rapidly growing young population, and foster integration into global value chains.
Toward a Monetary Union in the East African Community
In late 2013 the East African Community (EAC) countries (Burundi, Kenya, Rwanda, Tanzania, and Uganda) signed a joint protocol setting out the process and convergence criteria for an EAC monetary union. The signing of the protocol represents a further step toward regional economic integration. It follows ratification of the protocols for a customs union (2005) and the common market (2010). Envisaged in 2024 is the introduction of a common currency to replace the national currencies of member countries.
Building Resilience in Sub-Saharan Africa's Fragile States
Fragile states—states in which the government is unable to deliver basic services and security to the population—face severe and entrenched obstacles to economic and human development. While definitions of fragility and country circumstances differ, fragile states generally have a combination of weak and non-inclusive institutions, poor governance, low capacity, and constraints in pursuing a common national interest. As a result, these countries typically display an elevated risk of both political instability (including civil conflict), and economic instability (through a low level of public service provision, inadequate economic management, and difficulties to absorb or respond to shocks). Crises in such countries can also have significant adverse spillovers on other countries. In contrast, resilience can be defined as a condition where institutional strength, capacity, and social cohesion are sufficiently strong for the state to promote security and development and to respond effectively to shocks.
Pan-African Banking : Opportunities and Challenges for Cross-Border Oversight
Pan-African banks are expanding rapidly across the continent, creating cross-border networks, and having a systemic presence in the banking sectors of many Sub-Saharan African countries. These banking groups are fostering financial development and economic integration, stimulating competition and efficiency, introducing product innovation and modern management and information systems, and bringing higher skills and expertise to host countries. At the same time, the rise of pan-African banks presents new challenges for regulators and supervisors. As networks expand, new channels for transmission of macro-financial risks and spillovers across home and host countries may emerge. To ensure that the gains from cross border banking are sustained and avoid raising financial stability risks, enhanced cross-border cooperation on regulatory and supervisory oversight is needed, in particular to support effective supervision on a consolidated basis. This paper takes stock of the development of pan-African banking groups; identifies regulatory, supervisory and resolution gaps; and suggests how the IMF can help the authorities address the related challenges.
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.