The Nigerian government withdrew from an IMF-monitored programme in early March. From July 2000 to October 2001 Nigeria had been involved in a Standby arrangement with the Fund. The country has recently faced “challenges” that caused the government to fall short of its targets. It decided not to continue with arrangements “where only narrowly defined macroeconomic targets come into play” but to develop a home-grown programme to identify “prudent economic objectives that the people of Nigeria can support”. In July 2000 the Nigerian House of Representatives opposed the Standby agreement.
Nigeria sends IMF away
25 March 2002