Connect with us


Nigeria’s economic reforms still below standard –IMF



Nigeria’s economic reforms still below standard –IMF

In spite of what looks like Nigeria’s delisting of the International Monetary Fund (IMF) from creditor institutions for its current quest for loan facilities, its management has yet offered the country some advice on how to achieve early exit from the economic recession.

The body said the reform so far executed by Nigeria falls below the standard expected of it to have a sound economy, capable of ensuring it exit recession soon.

Speaking to foreign news correspondents in Washington, USA, on Thursday, the IMF spokesman, Gerry Rice, said Nigeria could still be considered for a possible loan advancement on the condition that it carries out more robust reforms, far richer than what is presently on ground.

Rice declined comments on the recent statement credited to Nigerian Finance Minister, Mrs. Yemi Adeosun, that the country would only go after the loans offerred it by World Bank and African Development Bank (AfDB).

Read also: Nigeria shuns IMF, seeks $2.3bn loans from W/Bank, China

He rather insisted that Nigeria should, despite every other issue, step up its economic reform efforts before the opportunity for such becomes more limited.

He stated: “Urgency is needed in implementing a coherent and credible package of monetary, fiscal and structural policies as the window for bold reforms is closing as the 2019 elections are approaching fast.”

Rice also confirmed that the Nigerian authorities have not approached the global lender on how to fine-tune its programme, but added: “the IMF stands ready to help should the country make a request for financial assistance.”

On the fate of Nigeria’s $1 billion loan application pending since June 2016, the spokesman said all requests for loans are treated on merit.

“The window of opportunity still exists, but first thing first,” he quipped in further confirmation that Nigeria needs more indepth reform to qualify for the loan.


Ripples Nigeria… without borders, without fears

Click here to download the Ripples Nigeria App for latest updates

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Click to comment


  1. Balarabe musa

    February 24, 2017 at 7:45 am

    Imf thought they are wise into luring us to take their conditionality loan, we don’t want again. The one will requested since June 2016, they are talking about merit or no merit, rubbish.

    • seyi jelili

      February 24, 2017 at 12:22 pm

      the stone the builders rejected, would become the chief corner , Nigeria cant do away from IMF to be sincere. whether we like it or not, sooner or soonest, we would still run back to them for help. we need fine-tune our economic policies and truly embark on fleshy economic reforms if we must step out of this recession.

  2. Margret Dickson

    February 24, 2017 at 8:21 am

    I think IMF is looking for more things than they stated. We no dey collect loan from IMF again, abi na by force? Make them hold their advice jarey, we are simply not interested again!

  3. Animashaun Ayodeji

    February 24, 2017 at 8:24 am

    It is important to call the attentions of Nigerians to the lack of professionalism on how our economy is being handled. This has been happening over time, all IMF wants is for Nigeria to adopt full professionalism that will speed up our economy. We may not need their money again, but, all the advises they’ve offered Nigerians are from professional angles and they are worth looking into if not fully adopted.


      February 24, 2017 at 8:47 am

      Stop ranting mr man. Imf is a colonial institution and what they are looking for is a country they fully implement their policies so as to enslave them. Nothing like proffessionalism here.

    • Lukzie

      February 25, 2017 at 6:12 pm

      Ayodeji, nothing happen for nothing… IMF was the genesis of our economic problem…Go back to 1986 where conditionalities where made for nigeria to devalue thier currency through adopting the flexible exchange rate beside the humongous amount that was charged as interest rate…In essence, IMF will never offer u loan without benefiting them either in a short or long run….so kemi WS right, IMF enslave Africans and it is an avenue set aside to achieve impirialism.

  4. Roland Uchendu Pele

    February 24, 2017 at 11:59 am

    He that has ears, let him hear what the true professionals are saying. But alas, we like where we are, and are too proud to listen to our elders.

Leave a Reply

Your email address will not be published. Required fields are marked *

seventeen − twelve =