IMF Reverses Forecast For Nigeria’s Economy To -4.3% In 2020       The International Monetary Fund, IMF, Tuesday reversed Nigeria’s economy growth projection to -4.3 percent in 2020 from its earlier projection of -5.4 percent. The Fund also projected that Nigeria’s economy would grow by 1.7 per cent...

Coronavirus: Buhari Seeks IMF Support For Developing Countries       President Muhammadu Buhari, has called for the reallocation of unused International Monetary Fund’s reserve assets also known as Special Drawing Rights currently held by developed countries to support COVID-19 recovery efforts in developing economies. The President, represented by...

Budget Support: IMF, World Bank Conditions Behind Subsidy Withdrawal, Electricity Tariff Hike     The Federal Government’s removal of petrol subsidy and the increase in electricity tariff are in line with reforms being sought by the International Monetary Fund and the World Bank, economic experts have said. The...

IMF Lowers 2020 Oil Demand By 8% Amid High Uncertainties     The coronavirus crisis will see global oil demand dropping by around eight percent this year, compared to last year, the International Monetary Fund (IMF), has said in a new report. This year, oil prices will be...

IMF-induced Policies Will Repress Nigeria’s Currency, Labour Warns     Submitting to the International Monetary Fund, IMF-induced policies would further distort and repress Nigeria’s currency, organised labour has warned. They argued that embracing the policies would lead the nation to a situation where a U.S. Dollar would exchange...

Naira Weakens Further As Dominant Currencies Alter Pricing Decisions     With many trade transactions benchmarked against dominant currencies like the U.S. dollar, the International Monetary Fund (IMF), has expressed concerns that currency movements pose great challenges to developing countries’ domestic economy, especially trade. Indeed, the concerns...