IMF says Nigeria’s can repay loans.

Written by on February 8, 2022

The International Monetary Fund (IMF) says the Nigerian economy is recovering from a historic downturn benefitting from government policy support, rising oil prices, and international financial assistance.

As a result of the recent economic developments in the country, the global financial institution believes Nigeria has the capacity to repay its loan.

This follows the conclusion of the Article IV consultation [1] with Nigeria by the Executive Board of IMF last week.

According to the IMF, Nigeria exited the recession in the fourth quarter of 2020 and its output rose by 4.1 per cent (y-o-y) in the third quarter, with broad-based growth except for the oil sector which is facing security and technical challenges.

The Institution attributed this to the new harvest season and opening of land borders, although it noted the reported unemployment rates (end 2020) that have yet to come down.

Seun Fakorede

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