Why we don’t need IMF Loans –  Adeosun

Minister of Finance Kemi Adeosun confirmed on CNBC on Tuesday that Nigeria does not need a loan from the International Monetary Fund (IMF).

Here is the reason she gave;

“The IMF is really a lender of last resort when you have balance of payments problem. Nigeria doesn’t have balance of payments problems per se, it has a fiscal problem.”

A balance if payment problem occurs when a country lacks enough revenue or savings to pay for its imports. It can also occur if a country imports much more than it exports. Nigeria’s trade balance is currently about N800 billion, about $2 billion. 

According to data from the National Bureau of Statistics, Nigeria’s official trade data shows Nigeria exported N5. 5 trillion against N6. 3 trillion imports. Nigeria’s exports was at an all time high of about N16.3 trillion. 

Ugo Obi-chukwu http://nairametrics.com

Ugo Obi-chukwu "Ugodre" is a chartered accountant with over 16 years experience in financial management, corporate finance and financial analysis. He is also a retail investor and a personal finance advocate with over a decade experience investing in the Nigerian stock market. Ugo is the founder of Nairametrics and blogs regularly on the website.

What others say about : Why we don’t need IMF Loans –  Adeosun..


we have grown beyond wanting someone to come help us put our house in order, what the nation requires now is a fiscal program as we have been doing somuch with our reform programs

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