IMF Provides USD 3.4 Billion in Emergency Aid to Nigeria’s COVID-19 Response

The International Monetary Fund (IMF) has approved a Rapid Financing Instrument (RFI) of USD 3.4 billion in emergency financial assistance to Nigeria to support its response to the COVID-19 pandemic.

In a statement made on the 28th of April 2020, Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair of the IMF, stated that the COVID-19 outbreak, coupled with the decline in oil prices and reduced demand for oil products is severely impacting Nigeria’s economy, which has led to a decline in growth and large financing needs. He added that further drops in oil prices and longer containment measures would continue to strain the country’s financing.

Furusawa commented that the emergency funding under the RFI will provide liquidity support to cater to u...