Home / News From Nigeria / Local News / IMF Head, Christine Lagarde Advises Nigeria To Seek International Help For Economic Woes
Christine Lagarde

IMF Head, Christine Lagarde Advises Nigeria To Seek International Help For Economic Woes

Christine Lagarde, controlling manager of the Global Monetary Account (IMF), says Nigeria must find financial support from global institutions.  Talking at the IMF discussion meeting in Washington DC on Thursday, Lagarde claimed Nigeria must be open-minded on international change, and quickly approve the 2016 budget.
“Our recommendation is that Nigeria should seek help from the international institutions that can best help,” she said.
“Second, that Nigeria should be open-minded in using flexibility of the exchange rates, in order to absorb some of the shocks. We believe that this is more efficient than to have a list of products that are barred from being imported to the country.
“Third, we believe that it’s really important that budget be completed, decided and approved and we stand ready to help Nigeria, if it wants to seek our help.”

Lagarde, who was in the company of David Lipton, IMF first deputy managing director and Gerry Rice, IMF spokesperson, also called on Nigeria to diversify its economy, adding that oil prices may be low for longer.
“I believe, having visited Nigeria in January, that it is also really important that the country looks at diversifying its economy, because it cannot rely exclusively on commodity prices only, particularly oil, because it might very well stay low for longer,” she said.

“Nigeria is full of energy, smart people, and can really transform some of its activities including the agricultural sector where there is just too much by way of import, when there could be a lot of transformation in Nigeria and local consumption.”
She also spoke on the viral panama papers, calling for international cooperation, while assuring the world that IMF would be at “happy” to play a role in resolving such worldwide issues.

Lagarde reiterated that countries must reinforce their commitment to durable global growth and employ a more potent policy mix.
“A three-pronged approach with monetary, fiscal, and structural actions can work as a virtuous trinity, lifting actual and potential growth, averting recession risks, and enhancing financial stability,” she said.
The Sun.

About Lolade


  1. Aminu Hamisu Yusuf

    IMF – international muggers and fraudsters pleave leave us alone. In 1985 when I visited Nigeria the Naira – Dollar rate was 1N = 2$, at the time IBB was offered free loans from the league of Arab nations. IBB instead took IMF loan.

    Within one month exchange rate became $1 = 3N we never recovered instead IMF own our mains water supply and we had coumpound intterest which Nigerians never finished paying until Obj finally settled in April 2006. However our currency has never recovered. When you deal with the devil you need a very long spoon.

  2. Izuchi Joseph

    We dont wan iMF.. Pls IMF should shut up.We dont need Fiat money. It’s the reason u re sending us Boko haram by the way to save your dieing fiat regime.Which will eventually die.

    . We are already killing ur goons. Bokoharamites.. China, India,Russia and Latin america is the future..

    Buhari is on the right pathway again for the first time in the history of Nigeria.

  3. Segun Akerele

    Oobiiii!.a feeee!.E fi wa lorun n leee!

  4. Gbolahan Sotomi

    We do not need IMF loan in Nigeria. This is one control strategy they plan on using to destroy economic growth in Nigeria. Our leaders should wake up and be smart. We lost out on Gaddafi’s vision

  5. Paul Ifeanyi Obiji

    .lols, when a fulani man is charge, then begging becomes a commodity. From fastest growing economy in the world under #GEJ to begging economy under a nomad #Buhari, what a joke!

  6. Shehu Abubakar

    Thank you Lagarde! Thanks but No thanks. Aren’t you under indictment for your role in a 2008 arbitration ruling that handed 400 million euros ($434 million) to a French business magnate?

  7. Rowlandee Efobi

    We r doing dat wit China.

  8. Cecil Chukwuma Anopueme

    These useless people would not sink Nigeria. Seriously, our economy is LOCAL, not INTERNATIONAL. We are not producing anything that is why we rely heavily on foreign exchange. Nigeria can sit back, and develop local market structure. These white people, will create virus and want to sell you anti-virus. Useless people

  9. Funmi G

    Over our dead Body.. IMF really think Nigeria is stupid or the leaders are stupid. In this 21st century ? IMF pls park well

Viral Video

Support Ooduarere

Scan QR code below to Donate Bitcoin to Ooduarere
Bitcoin address:

Check Also

Major Emmanuel Ifeajuna

How time flies: What happened on this day in 1966..

The two most marginalised regions in Nigeria are the Northeast and Southeast. The last time the Northeast held power at the top was exactly 58 years ago today. On this day, in 1966, it was revealed to the nation that the Prime Minister was dead. His body was later discovered in a bush outside Lagos by several persons, including Segun Osoba, former Governor of Ogun state, who was then a reporter at Daily Times.  He had been killed by Major ...