Nigeria: The country does not need an IMF loan, according to Christine Lagarde

Nigeria: The country does not need an IMF loan, according to Christine Lagarde

The director of the International Monetary Fund visit the largest economy on the continent since Monday. First African oil exporter, Nigeria saw its revenues decrease drastically since last year as the price of black gold lost almost 60% of their value. But not enough to generate a request for help from the IMF, Christine Lagarde said Tuesday.

The country does not need an IMF loan, according to Christine Lagarde

The oil is almost 15% of gross domestic product (GDP) of Nigeria and three quarters of its budget revenues. So naturally, when the price of black gold itchy nose, state finances are melting.

To cope with the decrease in foreign currency, Nigeria had to devalue its currency. Today, the country’s inflation rate is approaching 10%.

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