IMF Staff Country Reports

Nigeria : Request for Purchase under the Rapid Financing Instrument -Press Release; Staff Report; and Statement by the Executive Director for Nigeria

Author/Editor:

International Monetary Fund. African Dept.

Publication Date:

April 29, 2020

Electronic Access:

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Summary:

The COVID-19 pandemic is severely impacting economic activity. The sharp fall in international oil prices and reduced global demand for Nigeria’s oil products are worsening the fiscal and external positions, as Nigeria’s oil and gas exports (84 percent of total exports) are expected to fall by more than $26½ billion. The economy is projected to contract by almost 3½ percent in 2020, a six-percentage point drop relative to pre-COVID-19 projections. The already high downside risks—particularly from sharper and protracted falls in oil prices, a declining oil production from future OPEC caps or inability to sell oil cargoes, and more protracted disruptions to economic activity due to a more expansive effect of the pandemic—have heightened.

Series:

Country Report No. 20/142

Subject:

Economic growth Economic recovery International reserves Oil prices Rapid Financing Instrument (RFI) Real sector