Business
Middle East Crisis: IMF plans $50bn lifeline for Nigeria, others
*Urges prudent use of oil windfall to rebuild buffers
By Babajide Komolafe, Economy Editor
The International Monetary Fund, IMF, has indicated plans to provide up to $50 billion in financial support to Nigeria and other countries affected by the biting impact of the ongoing Middle East crisis.
Managing Director of the IMF, Kristalina Georgieva, disclosed this at the unveiling of the Fund’s Global Policy Agenda during the ongoing Spring Meetings of the International Monetary Fund and World Bank in Washington DC.
She said: “We have been closely watching the events in the Middle East. This is an asymmetric shock, with the biggest burden falling on countries that import energy and have limited policy space. In many cases, these are low-income or fragile economies, and they need attention.
“We anticipate near-term demand for IMF financial support to range from $20-50 billion. This represents prospective demand for new programmes from at least a dozen countries, most of them in Sub-Saharan Africa.”
She noted that the IMF, in collaboration with global partners, is working to coordinate a comprehensive response to cushion the impact of the crisis on vulnerable economies.
“We serve as the firefighter for our member countries, and we are committed to helping them navigate this complex landscape,” she added, stressing that early engagement by countries in need of financial assistance would enhance the effectiveness of intervention efforts.
On policy response, the IMF boss cautioned against hasty fiscal and monetary measures, urging authorities to adopt a balanced approach in managing the shock.
“On monetary policy, for countries where policy was well calibrated before the shock and expectations remain anchored, ‘wait and see’ is the right approach. In other countries, early policy action may be required.
“On fiscal policy, public debt is already constraining fiscal space. Global public debt is projected to exceed 100 per cent of GDP by 2029, a level not seen since after World War II. Policymakers must strike a balance between maintaining fiscal sustainability and protecting the most vulnerable,” she said.
She further disclosed that most Sub-Saharan African countries fall within the highly vulnerable category due to their dependence on imports and weak fiscal buffers.
“I have in my office a map of countries showing their dependency on imports and fiscal space, and it is concerning that many African countries are in the quadrant of vulnerability. We are determined to identify those most in need and support them,” she added.
Georgieva also revealed that African policymakers are increasingly prioritising structural reforms over direct financial assistance.
“I met with the African Consultative Group, and interestingly, ministers and central bank governors did not ask for money. They asked for policy advice and support to deepen local currency markets,” she said.
However, she emphasised that the Fund stands ready to provide rapid financial support where necessary.
“My message is clear: if you need help financially, don’t hesitate. The sooner we act, the more we can protect economies and livelihoods.”
Meanwhile, the IMF has warned that fiscal pressures arising from rising energy, fertiliser and shipping costs could dampen growth, worsen poverty and heighten food insecurity across the continent.
Providing further insight, Davide Furceri noted that while oil-exporting countries like Nigeria may benefit from higher crude prices, such gains must be prudently managed.
He said: “There is a clear divergence between oil-importing and oil-exporting countries. For oil exporters such as Nigeria, higher oil prices may generate temporary windfalls, but it is important to use these gains to rebuild fiscal buffers and reduce debt vulnerabilities.”
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By Obas Esiedesa, Abuja
The Federal Government has unveiled new guidelines for the safe and efficient interconnection of solar mini-grids to electricity distribution networks, aimed at accelerating renewable energy deployment and improving electricity access across Nigeria.
Speaking at the launch in Abuja, the Managing Director of the Nigerian Electricity Management Services Agency (NEMSA) and Chief Electrical Officer of the Federation, Engr. Olusegun Adesayo, described the document as “a major milestone in Nigeria’s drive towards achieving a safe, reliable, sustainable and inclusive electricity supply industry.”
According to him, solar mini-grids have emerged as a critical solution for electrifying unserved and underserved communities, making clear operational standards necessary.
“The Guidelines provide comprehensive procedures, technical requirements, interconnection models and operational standards for integrating solar mini-grids into distribution networks without compromising grid stability, power quality, system reliability and public safety.
“The Guidelines seek to reduce uncertainties for investors and developers while strengthening collaboration among Distribution Companies, mini-grid developers, regulators and other stakeholders,” he said..
Adesayo added that the framework aligns with the provisions of the Electricity Act 2023, the Mini-Grid Regulations 2026 and relevant national and international standards, including IEC standards.
Also speaking, Permanent Secretary, Federal Ministry of Power, Alhaji Mahmuda Mamman, represented by the Director of Distribution, Mustapha Abba, said renewable energy, particularly solar mini-grids, plays a strategic role in expanding electricity access, improving energy security and promoting sustainable economic growth.
“As this segment of the electricity market continues to grow, it becomes imperative to establish clear technical and operational frameworks that will ensure safety, reliability and efficient coordination between solar mini-grid systems and existing distribution infrastructure,” he said.
“The Guidelines being launched today provide an important framework for ensuring the safe, reliable and efficient interconnection of solar mini-grids to distribution networks across Nigeria.”
Mamman said the guidelines would strengthen investor confidence, reduce technical and regulatory uncertainties, improve system reliability and support the sustainable integration of renewable energy solutions into Nigeria’s electricity network.
Representing the Delegation of the European Union to Nigeria and ECOWAS, Programme Manager, Energy and Circular Economy, Mr. Godfrey Ogbemudia, said: “The launch of these Guidelines is particularly significant. We are confident that the Guidelines will provide consistency and increase investor confidence in interconnected mini-grid projects.”
He reaffirmed the European Union’s commitment to supporting Nigeria’s energy transition and electrification ambitions, while Head of Development Cooperation at the German Embassy, Dr. Karin Jansen, said Germany remains committed to supporting Nigeria’s efforts to expand energy access, strengthen institutions and mobilise private investment in renewable energy.
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By Peter Egwuatu
Group Managing Director/CEO, Nigerian Exchange Group (NGX Group), Temi Popoola, has urged the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) to treat capital market development as a macroeconomic necessity, arguing that the effectiveness of monetary policy increasingly depends on the depth, liquidity, and coherence of Nigeria’s financial markets.
Popoola made this call in a presentation delivered during a session at the CBN Monetary Policy Committee, MPC workshop themed: “Structure and Behaviour of Nigeria’s Equity and Government Debt Markets: Implications for Monetary Policy Effectiveness.”
Represented by Jumoke Olaniyan, Group Chief Strategy Officer, NGX Group Popoola, noted that monetary policy decisions travel through market architecture before reaching households and businesses, and weak market structures can dilute policy effectiveness regardless of the stance adopted by the MPC.
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•Food import share shrinks as total imports jump 28%
By Babajide Komolafe
Nigeria’s spending on food imports declined by 7.4 per cent, year-on-year to $2.34 billion in 2025, signaling a moderation in the country’s dependence on imported food products despite a sharp increase in overall import expenditure. Data on food imports obtained from the Central Bank of Nigeria, CBN, quarterly statistical bulletin, fourth quarter 2025. Q4’25 showed that food imports fell to $2.343 billion in 2025 from $2.530 billion recorded in 2024, representing a decline of $186.42 million of 7.4 per cent year-on-year.
The decline comes after food import spending had risen by 18.8 per cent, YoY to $2.53 billion in 2024 from $2.129 billion in 2023, indicating a reversal of the upward trend witnessed in the previous year.
Further analysis revealed that food imports accounted for a smaller share of the nation’s total import bill in 2025. The ratio of food imports to total imports dropped significantly to 11.8 per cent in 2025 from 16.3 per cent in 2024.
The decline in food import share occurred despite relatively stable food import spending, largely because overall imports grew at a much faster pace during the review period.
According to CBN data, Nigeria’s total imports rose by 28 per cent, YoY to $19.897 billion in 2025 from $15.544 billion in 2024, representing an increase of $4.353 billion. This followed an earlier rise from $14.276 billion recorded in 2023.
Analysis of quarterly food import spending indicated that three of the four quarters in 2025 recorded lower import values compared to corresponding periods in 2024.
Food imports declined by 20.3 per cent, YoY to $550.09 million in Q1’25 from $689.88 million in Q1’24. In Q2 ’25, food import spending dropped by 6.0 per cent, YoY to $515.04 million from $547.70 million in Q2’24.
However, Q3’35 recorded the only year-on-year increase during the year, with food imports rising by 3.2 per cent, YoY to $653.85 million from $633.63 million in Q3’24.
The upward movement was short-lived as food import spending fell again in Q4 ’25 by 5.2 per cent, YoY to $624.36 million from $658.55 million in Q4’24.
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