Africa’s economic sovereignty is again under the spotlight following former President Olusegun Obasanjo’s warning against over-reliance on the International Monetary Fund (IMF) and World Bank. The ex-president’s comments, made at the Intra-Africa Trade Fair in Algeria, have sparked widespread debate, drawing reactions from economists, civil society actors, and ordinary Nigerians. “The World Bank is not …
As the International Monetary Fund (IMF) releases its updated list of countries with the highest outstanding credit as of August 29, 2025, several African nations dominate the top spots. Egypt, Côte d'Ivoire, and Kenya feature prominently, but one major economy is notably absent: Nigeria, Africa's largest economy. Nigeria fully repaid its $3.4 billion IMF loan …
By Esther Ososanya Nigeria may be basking in the glow of global praise, but Central Bank Governor Olayemi Cardoso says it’s no time to relax. Speaking during the Monetary Policy Committee (MPC) meeting in Abuja, Cardoso acknowledged the International Monetary Fund’s (IMF) commendation of Nigeria’s recent fiscal and monetary reforms but issued a stern reminder,the …
By Esther Ososanya The International Monetary Fund (IMF) has commended Nigeria’s monetary and fiscal authorities for implementing critical reforms that have boosted macroeconomic stability and driven down inflation to 23 percent. In its Article IV report released Tuesday, the IMF said Nigeria’s Central Bank maintained an appropriately tight monetary policy stance and urged it to …
