Nigeria Gets $3.4 Billion Rapid Financing Instrument From IMF

Nigeria has gotten a $3.4 billion Rapid Financing Instrument (RFI) from the International Monetary Fund (IMF).

The fund was approved by the executive board of the IMF as fiscal support to Nigeria during this period of the COVID-19 pandemic.

The fund which was requested by Nigeria is to be used to mitigate the impact of the coronavirus pandemic on the Nigerian economy, as the country grapples with dwindling economic fortunes following the global crash of crude oil prices.

“The Executive Board of the International Monetary Fund (IMF) approved Nigeria’s request for emergency financial assistance of SDR2,454.5 million (US$3.4 billion, 100 per cent of quota) under the Rapid Financing Instrument (RFI) to meet the urgent balance of payment needs stemming from the outbreak of the COVID-19 pandemic,” a statement by the IMF stated.

Recall that the IMF had omitted Nigeria as a beneficiary of a relief fund earlier approved for some African countries in order to reduce the economic and financial impact of the COVID-19 pandemic.

Beneficiaries countries of the earlier approved funds include Morocco, Tunisia, Madagascar, Rwanda, Guinea, Gabon, Ghana and Senegal.

We support #Nigeria’s efforts to limit the effect of #COVID19 and the sharp fall of oil prices. The US$3.4 billion approved by our Board is the largest IMF COVID-19 emergency financing provided to-date. It will help Nigeria free up more resources to protect lives and livelihoods. https://t.co/kc3U0uVO7J

— Kristalina Georgieva (@KGeorgieva) April 28, 2020