The International Monetary Fund approved $3.4 billion in emergency funding to Nigeria, the single biggest disbursement for any country yet with the coronavirus pandemic.
In a statement, IMF Deputy Managing Director Mitsuhiro Furusawa said that the pandemic and the plunge in oil prices are severely impacting Nigeria, and that the funds will provide much-needed liquidity to respond to urgent balance of payments needs. He also called for the country to expedite the unification of its exchange rate.
Hit by crashing oil prices and lockdowns to curb the spread of the virus, Nigeria requested the amount under the Rapid Financing Instrument, which offers funding without the strings of a full program. The continent’s biggest crude producer also requested $3.5 billion in total from the World Bank and the African Development Bank.