International Monetary Fund

Please send us your feedback

Abuja, Nigeria

Government District in front of the Aso Rock (Photograph by Bernd Noack)

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 following statement was issued today in Abuja by the IMF country chief and representative in Nigeria, David Nello click for more

IMF Survey: IMF Builds Statistical Capacity in Africa

The IMF is helping 22 sub-Saharan African countries improve the quality, coverage, and dissemination of key statistics. click for more

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

Charles N. O. Mordi; Research Department, Central Bank of Nigeria click for more

Point of View: Nigeria's Shot at Redemption

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. click for more

IMF Invites Comments on Review of Fund's Policy Support Instrument

The IMF is seeking public comments on its Policy Support Instrument, launched in 2005 to complement other Fund programs in providing policy support and signaling to its low-income members click for more

Click for More click for more

Nigeria and the IMF

Transcript of African Department Press Briefing

October 9, 2015

Evolving Banking Trends in Sub-Saharan Africa : Key Features and Challenges

September 16, 2015
Author/Editor: Mauro Mecagni ; Daniela Marchettini ; Rodolfo Maino
Series: African Departmental Paper No. 15/8
 click for more

Podcast : Sub-Saharan Africa Getting a Grip on Inflation

September 10, 2015
Inflation can determine a currency’s purchasing power as high inflation means rising prices. But what drives inflation differs from region to region. In this podcast we talk with Oral Williams, IMF Mission Chief for Malawi and coauthor of a new research paper that shows the drivers of inflation are changing in sub-Saharan Africa. click for more

Household Financial Access and Risk Sharing in Nigeria

July 22, 2015
Author/Editor: Stacy Carlson ; Era Dabla-Norris ; Mika Saito ; Yu Shi
Series: Working Paper No. 15/169
 click for more

Are African Households Heterogeneous Agents? : Stylized Facts on Patterns of Consumption, Employment, Income and Earnings for Macroeconomic Modelers

May 6, 2015
Author/Editor: Louise Fox
Series: Working Paper No. 15/102
 click for more

Click for More click for more

Regional Economic Outlook for Sub-Saharan Africa

image from the publication cover

Growth in sub-Saharan Africa has weakened after more than a decade of solid growth, although this overall outlook masks considerable variation across the region. Some countries have been negatively affected by falling prices of their main commodity exports. Oil-exporting countries, including Nigeria and Angola, have been hit hard by falling revenues and the resulting fiscal adjustments, while middle-income countries such as Ghana, South Africa, and Zambia are also facing unfavorable conditions. This October 2015 report discusses the fiscal and monetary policy adjustments necessary for these countries to adapt to the new environment. Chapter 2 looks at competitiveness in the region, analyzing the substantial trade integration that accompanied the recent period of high growth, and policy actions to nurture new sources of growth. Chapter 3 looks at the implications for the region of persistently high income and gender inequality and ways to reduce them. Click for more

Monitoring and Managing Fiscal Risks in the East African Community

Building Resilience in Sub-Saharan Africa's Fragile States

Monitoring and managing fiscal risks—defined as the possibility of deviations of fiscal outcomes from what was expected at the time of the budget or other forecast—are always key aspects of policymaking. Their importance in the East African Community (EAC, consisting of Burundi, Kenya, Rwanda, Tanzania and Uganda) is reinforced by the drive toward the East African Monetary Union (EAMU). Indeed, fiscal risks are unlikely to be fully captured by headline fiscal indicators—such as the deficit and debt of the government—that will serve as convergence criteria for the EAMU.

Toward a Monetary Union in the East African Community

Building Resilience in Sub-Saharan Africa's Fragile States

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

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 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

Africa Training Institute (ATI) Logo

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.