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    Israel and Iran agree on ceasefire – Trump

    Israel and Iran agree on ceasefire – Trump

    Breaking: Iran launches missiles at US bases in the Middle East

    Breaking: Iran launches missiles at US bases in the Middle East

    US military strikes Iran

    US military strikes Iran

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    Yahoo boys launder money for ‘politically exposed persons’ – EFCC boss

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    Trump bans citizens of 12 countries from entering the U.S, full list

    France launches mandatory online visa appointments for travelers

    France launches mandatory online visa appointments for travelers

    Federal Government declares June 6 and 9 public holidays

    Federal Government declares June 6 and 9 public holidays

    • Nigeria
    • Africa
    • World
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    • All
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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2025, qualification and payment dates

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    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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Economic Impact of Covid-19 in Nigeria and How IMF fund will be used – Amine Mati

Friday, 1 May 2020, 12:25 pm
in News, Nigeria
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Economic Impact of Covid-19 in Nigeria and How IMF fund will be used – Amine Mati
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Recall that Investogist reported on April 28, that The International Monetary Fund (IMF) approved $3.4 billion loan facility for Nigeria to aid in alleviating the economic impact of Covid-19.

In a conversation with IMF Country Focus, the IMF’s mission chief for Nigeria, Amine Mati, described the economic situation confronting Nigeria, and how the country will use the money negotiated with the IMF.

What has been the impact of COVID-19 on Nigeria?

The COVID-19 pandemic is severely impacting economic activity in Nigeria. The country’s main export commodity is oil, which represents around 90 percent of its exports. The sharp fall in international oil prices, together with reduced global demand for oil, is worsening the country’s fiscal and external positions. The country’s oil exports are expected to fall by more than US$26 billion.

Read also; Oil Prices Maintain recovery as Economic activities resumes in some countries

The economy—which remains highly reliant on foreign exchange proceeds and the recycling of petrodollars—is expected to contract by about 3.4 percent in 2020, a 6-percentage point drop compared to pre-COVID-19 projections. With the decline in economic activity, large fiscal and external financing gaps have emerged.

What are the risks to the growth outlook for Nigeria?

Our baseline scenario is uncertain and subject to heightened risks. These are mostly linked to a further collapse in oil revenue—due to persistent low oil prices, an inability to sell oil because of depressed global demand, or declining production because of additional OPEC-agreed cuts. Our growth outlook also assumes the COVID-19 spread in Nigeria is contained in the second half of 2020. If these measures fail to contain the virus or domestic infections rise, the economic recovery would be slower and gaps would become even larger.

Read also; Coronavirus Update – 102 Potential Vaccines in Development – WHO; Nigeria records 204 new cases

What emergency assistance can the IMF provide to Nigeria?

To help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices, Nigeria requested emergency assistance of about US$3.4 billion—equivalent to 100 percent of its quota— under the IMF’s RFI. The financial support—approved by the IMF Executive Board on April 28, 2020—will provide critical support to shore up Nigeria’s heath care sector, and shield jobs and businesses from the shock of the COVID-19 crisis. It will also help limit the decline in international reserves.

Why is the RFI the best way to borrow for Nigeria?

The RFI is a loan that is repaid in 5 years, with repayments starting in the third year. It currently costs 1 percent in annual interest—which is about one tenth of the current risk premium on Nigeria’s sovereign bond. Unlike the IMF’s standard financial package, there are no ex post conditions attached to this emergency loan.

Read more; A Viable Alternative to get Capital for your Business – The International Finance Corporation (IFC)

However, a member country requesting RFI assistance is required to cooperate with the IMF to solve its balance of payments difficulties, and to describe the general economic policies that it proposes to follow.

Why didn’t Nigeria benefit from recent IMF debt service relief?

On April 13, the IMF Executive Board approved immediate debt service relief to 25 of the IMF’s member countries under the IMF’s revamped Catastrophe Containment and Relief Trust (CCRT)—a part of the Fund’s response to help address the impact of the COVID-19 pandemic. Nigeria was not included in the list of beneficiary countries for this initiative because Nigeria had no outstanding debt owed to the IMF at that time.

Read further; Summer Olympics – is 2021 feasible?

What measures will be introduced to ensure RFI money is used for its intended purpose?

To enhance transparency and governance, the Nigerian authorities committed to undertake an independent audit of crisis-mitigation spending and related procurement processes, and to publish procurement plans and notices for all emergency-response activities, including the names of awarded companies and beneficial owners.

Special budget lines are to be created to record all crisis emergency response measures, which are published daily on Nigeria’s treasury online portal. These measures will not only ensure financial assistance received as part of the COVID-19 response is used for its intended purposes, but also significantly strengthen the oversight of the entire budget used for the government’s crisis response.

Extract from IMF website; Nigeria’s IMF Financial Assistance to Support Health Care Sector, Protect Jobs and Businesses

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