Nigeria Resident Representative Site
Nigeria joined the IMF on March 30, 1961. The country has benefited from a wide range of support from the Fund, including surveillance (the near annual policy dialogue and assessment of economic performance undertaken with each member country); technical assistance to build capacity in areas such as government expenditure, taxation, the financial sector, and economic statistics; and became the first country to use the IMF's new Policy Support Instrument.
Nigeria's Policy Support Instrument was approved in October 2005, and its two-year arrangement was the first of this new approach to supporting developing countries. The PSI was designed for countries that have made significant progress toward economic stability. While they may not want—or need—IMF financial support, they may still seek continuing IMF advice, monitoring and endorsement of their economic policies. During the two-year period of the PSI, four reviews were concluded, each with a positive outcome. The PSI expired in October 2007. More information may be found at Nigeria and the IMF
Nigeria has no loans outstanding to the IMF. In fact Nigeria did not draw on any of the three loans—known as stand-by arrangements—that it negotiated in the last three decades, in 1989, 1991, and 2000. Nigeria has not borrowed from the IMF since 1991.
Nigeria has benefited from a substantial amount of technical assistance, designed to help the country build the capacity of key public economic agencies to implement policies more effectively. This assistance has been provided in such areas as public expenditure management, tax policy and tax administration, monetary policy implementation, bank supervision, and statistics (in such areas as monetary, balance payments, and national accounts statistics). This assistance usually comes in the form of 1-3 week visits by small teams of experts, or, in a few cases, by resident experts.