Newsdeck

COVID-19

Nigeria asking multilateral lenders to fund coronavirus fight

Nigeria asking multilateral lenders to fund coronavirus fight
A Nigerian policeman checks movement of motorists during lockdown in Abuja, Nigeria 01 April 2020. Nigerian President Muhammad Buhari announced the total lock down of Abuja, Lagos and Ogun state. Fears are high that should the coronavirus SARS-CoV-2 which causes the Covid-19 disease gain traction in Africa it could have a devastating impact on some of the poorest and most vulnerable people on the planet. EPA-EFE/GEORGE ESIRI

ABUJA, April 6 (Reuters) - Nigeria has requested a total of $6.9 billion from the International Monetary Fund (IMF), World Bank and African Development Bank (AfDB) to combat the impact of the novel coronavirus pandemic, the finance minister said on Monday.

Zainab Ahmed said at a news conference in the capital, Abuja, that Nigeria requested $3.4 billion from the IMF, $2.5 billion from the World Bank and $1 billion from the AfDB.

Ahmed said Nigeria was one of several African countries seeking the suspension of debt-servicing obligations for 2020 and 2021 from multilateral lenders.

She said the IMF support would not be tied to a formal programme and would not come with conditions attached since it was money Nigeria had already contributed to the Fund.

The IMF is making $50 billion available from its emergency financing facilities and some 80 countries have already asked for help, including about 20 from Africa. The World Bank has also approved a $14 billion COVID-19 response package.

Nigeria, which is Africa’s most populous country and has the continent’s largest economy, has 232 confirmed cases of coronavirus and five deaths. Lagos state, neighbouring Ogun state and the capital territory of Abuja entered a two-week lockdown last Monday aimed at stemming the spread of the virus.

Ahmed said the outbreak poses “significant threats to the Nigerian economy, the Nigerian healthcare system and even to national security”, adding that “extraordinary measures are required as the situation evolves to address these challenges”.

On Saturday the government said it planned to create a coronavirus fund to strengthen its healthcare infrastructure. Ahmed, at Monday’s news conference, said the president had approved the fund, and approval was being sought from lawmakers to borrow the money from special accounts. (Reporting by Paul Carsten; additional reporting by Alexis Akwagyiram in Lagos and Camillus Eboh in Abuja; Larry King)

Gallery

"Information pertaining to Covid-19, vaccines, how to control the spread of the virus and potential treatments is ever-changing. Under the South African Disaster Management Act Regulation 11(5)(c) it is prohibited to publish information through any medium with the intention to deceive people on government measures to address COVID-19. We are therefore disabling the comment section on this article in order to protect both the commenting member and ourselves from potential liability. Should you have additional information that you think we should know, please email [email protected]"

Please peer review 3 community comments before your comment can be posted

We would like our readers to start paying for Daily Maverick...

…but we are not going to force you to. Over 10 million users come to us each month for the news. We have not put it behind a paywall because the truth should not be a luxury.

Instead we ask our readers who can afford to contribute, even a small amount each month, to do so.

If you appreciate it and want to see us keep going then please consider contributing whatever you can.

Support Daily Maverick→
Payment options

Become a Maverick Insider

This could have been a paywall

On another site this would have been a paywall. Maverick Insider keeps our content free for all.

Become an Insider