The International Monetary Fund (IMF), on Tuesday, approved $3.4 billion emergency financial assistance for Nigeria to fight coronavirus.
The Executive Board approved Nigeria’s request under the Rapid Financing Instrument (RFI).
The IMF explained that the near-term economic impact of COVID-19 is expected to be severe, while already high downside risks have increased.
It noted that even before the COVID-19 outbreak, Nigeria’s economy was facing headwinds from rising external vulnerabilities and falling per capita GDP levels.
The world body added that the pandemic – along with the sharp fall in oil prices – has magnified the vulnerabilities, leading to a historic decline in growth and large financing needs.
The IMF said it remains closely engaged with the Nigerian authorities and stands ready to provide policy advice and further support, as needed.