IMF boss, Lagarde, arrives Nigeria for talks with Buhari

Christine Lagarde

The Managing Director of the International Monetary Fund (IMF), Christine Lagarde, arrived Abuja on Monday to begin a four-day visit to Nigeria.

The visit is part of a two-nation West African region tour to engage policy makers and top officials of Nigeria and Cameroon on economic developments affecting both countries and the West African sub-region.

Prior to Ms Lagarde’s arrival, the IMF had explained that the visit would underline the Fund’s strong relationship with its African member countries.

“The visit to Nigeria will provide an opportunity to strengthen the Fund’s partnership with the largest economy in sub-Saharan Africa,” the statement said.

While in Abuja, Ms. Lagarde would meet with President Muhammadu Buhari, the Minister of Finance, Kemi Adeosun, and Central Bank, CBN governor, Godwin Emefiele, along with members of the National Assembly, top business leaders, and civil society representatives.

“Nigeria is working hard to improve its business environment, promote opportunities for growth in the private sector, and strengthen social cohesion, all areas where the government has an important role to play,” the IMF boss said.

She said discussions with President Buhari would focus on various economic issues, particularly the impact of the declining crude oil prices on the country’s economy.

The IMF has been one of the international finance organisations that have been critical of some policies by the Buhari administration, particularly the CBN’s monetary policy on restriction of access to foreign exchange to strengthen the Naira and stabilize the Nigerian economy.

The CBN had removed 41 items from accessing its foreign exchange window on grounds that they could easily be produced in Nigeria rather than spend the country’s reserves on importing them.

But the Fund’s Director, African Department, Antoinette Sayer, had said that measures put in place by the CBN was detrimental to the country’s economy, as it was exerting undue pressure on the national currency, rather than stabilize it.

Mr. Sayer said the introduction of the administrative measures to limit access by some items to foreign exchange and ban certain imports as a way of restricting the demand for foreign exchange was hindering private sector investment in the economy.

“It is not something we think is sustainable or advisable,” he said. “We hope that there will be an opportunity to review those restrictions and permit the exchange rate to continue to adjust,” he added.

Although the agenda of Ms. Lagarde’s meeting with President Buhari during the visit was not made public on Monday, close watchers said that, apart from the impact of the drop in global crude oil price, the review of the CBN policy was likely going to be one of the key issues to be discussed.


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  • Watch man

    This doctor of death has come to administer death pills on already ill Nigeria economy. I hope that PMB will refuse to swallow the pills. There is no nation on earth that have progressed with Bretton Woods economic policies. They sold SAP to IBB and Nigeria’s economy nosedived. They also sold devaluation to Nigeria and the economy is yet to recover from the devaluation infirmity. PMB do not swallow their pill please!

    • PolyGon2013

      Exactly! IMF was established to kill Africa countries. Now that Okonjo-Iweala is longer here, IMF is scared that they won’t make enough money from Nigeria.

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  • Fadama

    PMB, please do not listen to her and whatever she represents.

    • PolyGon2013

      Thank you. The loan sharks are coming!

  • joe

    Twice bitten…twice shy?

  • eclub

    This is not a good sign when the international bodies start coming to Nigeria rather than Buhari Junketing around the world like he loves doing.

    It means he is now isolated in Nigeria as a guy who committed genocide, and practicing dictatorship. So too hot to host by civilized countries.

    • PolyGon2013

      You should know that IMF is not making money from Nigeria as they would love to, hence the reason she is running quickly to Nigeria. All those items remain banned forever.

      • eclub

        Like pregnancy, we shall know very soon.

        A woman can only deny she’s pregnant for so many months, until the stomach starts showing, eh?

        • Ifeanyi Nwoko

          Lmaoooo. Eclub, leave am. Ask him how IMF was making money from Nigeria before. As in which loans was Nigeria repaying?

  • Aremu Mathew Okikiolu

    A lot will depend on our ability to endure the hardship PDP plunged us into. The IMF boss is here for the devaluation of the naira though speculative, stolen funds injected in the economy of Europe and should also feature in the meeting to dissuade from suggesting a loam form the mafia loan sharks she represents.
    No more hard currency to import toothpicks, Akara and Jollof rice…

    • Ifeanyi Nwoko

      Still blaming the 16 years of rot abi? We will reach the point where we even prefer the rot. Continue deceiving yourself. PDP did NOT make these fo0lish evonomic policies.

      Maybe the president should concentrate on one job, and leave position of minister and chief justice 🙂

      • Artful ºDodger

        When you igbos get there rejoice. Nigeria will be great again under Buhari. Since you hate godliness so much why not take a rope and hang.

        Hopeless bastard from the evil tribe!

        • Ifeanyi Nwoko

          I would take a rope, but unfortunately those are also on the list of banned items 🙂

          16 years of rot over 7 months of NOThing.

          ~Member of the evil tribe

  • Messanger of DOOM

    For four years that Dr Jnathan was President he never took IMF loans. This lady that looks very much like a seasoned flight lieutenant never visited Nigeria because she knew Dr Jonathan wasn’t going to listen to her imperialist wuruwuru economics – the type meant to strangulate African countries and drive them further deep into the abyss of penury. Below are the reasons why this woman, an agent of the slave-masters and imperialists should be driven out of Nigeria as quickly as possible:

    1. There is not a single African country that has prospered with IMF loans
    2. Once you reject IMF and World bank loans, the West call you a dictator and they sponsor the opposition against against you.
    3. If you accept IMF & World bank loans, then you can kill peaceful Biafran protesters and 300 Shit Muslims and USA & Company will NEVER say you have human rights records
    4. Why give IMF loans to a country with Human Rights records but refuse to sell weapons to fight terrorists? Could it be that after the loans they will agree to sell so that they can collect their money back?

    This visit is clearly a sign of bad omen. Is it not the person who wants loan who should be visiting the giver? How come the giver is the one visiting? Oh Buhari, why did you not re-sit your WAEC exams after failing Maths? How will you be able to understand the fraud that this woman with PhD is coming to initiate.

    • Onike24

      You take idiocy to a whole new level. Do you know what the role of the IMF is? Jonathan did in fact borrow money allegedly to prosecute the war against terrorism, despite enjoying the highest revenue ever recorded due to unprecedented high crude oil prices, yet he managed to squander the surplus he inherited and high oil receipts! When idiots are glib about looting of a treasury one can only assume that their idiocy prevents them from understanding the gravity of the situation. ” Dr Jonathan” my foot!

    • Thank goodness you didn’t link this comment of your to your face-book, your brain wave may not qualify as human
      What is wrong with you?
      How dumb are you?
      Where did you get your erroneous information from?
      What crowd do you hang with?

      What ever region of the country you’re from, they in trouble to consider the like of you educated or slightly informed

      GEJ never met with Lady Lagarde, really?

      God save the nation!

      • Artful ºDodger

        He is igbo, they all rolled out of their baby factories with defected and demons possessed mindsets.

        • I did It 4 Love.

          @Artful Dodger you can’t label a tribe in such a manner pls, by the way why should you guys respond to someone who is a “messenger of DOOM”? S/He is a crap.

    • Artful ºDodger

      Shut your igbo trap. If for the four years as you said Jonathan was president Nigeria had someone like Buhari or even Obasanjo in power, the external reserve would have been around $120 billion today. Ill informed, myopic hypocritical igboman who think being able to read and write also count as education. Odee!

  • .#Chase_IMF_outOF_Nigeria

    .#Chase_IMF_outOF_Nigeria now. Nigeria shud go to China and borrow from there if we must borrow. Chinese loans have no strings and not dubious like America’s IMF. These guys (IMF and World Bank) are simply colonialism with another face. Shikena!

    • All loans have preconditions and strings it’s business, one may be better structured than the other, agreed

      Lady Christine Lagarde is french

    • dami

      Chinese loans are more dangerous than western loans…go ask Botswana…they had to chase the Chinese out eventually!
      You do business and borrow from those you can adjudicate with…are you really expecting to get justice in a Chinese court?

  • Lanre

    Does Buhari understand the law of Economics – Supply and Demand? Does he understand the intricacies of elasticity and inelasticity of demand and supply? The difference between Fiscal and Monetary policy? The dangers of Administrative Fiat on the market place? I doubt it.

    • eclub

      Whichsi? Forwhere?

  • Ifeanyi Nwoko

    Breaking news: As Lagarde advises Buhari that he is destroying the economy with his daft policies, Adesina erupts and calls her a wailing wailer.

    Hahahaha, we need the White person to come and tell us why 1+1 is not 11. But we get mad when they talk about Africans like we are subpar humans.

  • Ifeanyi Nwoko

    This is a good visit. Oyingbo woman is coming to visit. Rochas should come and take pictures to plaster all over Imo. Buhari should go and meet her with those he trusts, ministers are not necessary. He should also accept loans to rebuild the North. Wailing wailers, continue to wail.

  • blow fissh

    Economic Hit Man

  • Artful ºDodger

    Christine Largarde, take your voodoo ideas and go back home. Nigeria have NOTHING to gain from devaluing her currency. Nigeria had the misfortunes of IBB who took the country down that road before and look at where it led us today. It erased the value of the naira, erased the purchasing power of Nigerians, eroded moral values from Nigeria as everyone became vultures and hyenas as they scavenge for survival, it eroded the future of a whole generation of Nigeria all of who are not better off in the real sense of the world unlike their developed world counterparts who lead decent lives with ease today because the value of their local currencies have not changed much in the last 30 years. With devaluation also come inflation which on the short run make nonsense of the original reason for the devaluation and with that the government must keep devaluing until a wheel barrow load of the naira cannot buy even a roll of tissue paper anymore. Devaluations bring agitation for higher wages, infrastructural decay and every evil that can ever befall a society.

    Nigeria is fine with her forex restrictions(God bless Buhari and the CBN governor for it) and devaluing the naira is not going to add another $29 billion to what we already have but forex restrictions and discipline will. If devaluation was such a noble idea the developed world would never have restrict it to the third world. You produce all the exports the third world need but cannot afford, yet wont reduce the value of your currency to make them affordable so how exactly is that working for you in reality?
    Largarde, go back home and tell your people the Nigerians rejected your voodoo theory.