As a vital measure of the nation's economic advancement and fiscal autonomy, Nigeria is reported to have settled all its arrears with the International Monetary Fund (IMF) and thus has been removed from the list of debtor nations maintained by the Fund.
Nigeria has paid its final installment, settling its IMF debt portfolio ahead of schedule, according to persons familiar with the development. Although IMF official confirmation lies within a matter of days, this is seen as a milestone for the West African nation, signifying improved fiscal discipline, higher foreign reserves, and compliance with economic reforms.
It's a source of pride for Nigeria," said a high-ranking official from the Federal Ministry of Finance who did not wish to be quoted until an official announcement is out. "It is a victory for the working of the Nigerian people and efforts of the government to position the economy on a more sustainable pathway.".
Nigeria had previously relied on IMF funding in periods of foreign exchange volatility and economic downturns, particularly following the pandemic and oil price shocks. Clearance of debt is a step toward greater financial independence and can enhance Nigeria's credit rating, investor confidence, and access to foreign capital markets.