Economy
IMF Approves $224m for Sierra Leone to Back Economy
By Modupe Gbadeyanka
Executive Board of the International Monetary Fund (IMF) has approved a three-year arrangement under the Extended Credit Facility (ECF) for Sierra Leone for $224.2 million in support of the authorities’ economic development efforts.
Growth is expected to reach 7 percent in the medium-term and under the program, inflation is expected to fall to 12 percent by end-2017, further declining to 9.5 percent in 2018 and narrowing by about 0.5 percent each year thereafter.
The program aims at supporting important policies targeted at reducing inflation and significantly increasing domestic revenues, while increasing infrastructure spending and bolstering the social safety net.
It was gathered that the Executive Board’s decision will enable a first immediate disbursement of $54.3 million.
Business Post further gathered that the loan was approved by the board on Monday, June 5, 2017 and the programme will build on the lessons from the previous ECF arrangement.
It will support important policies targeted at reducing inflation and significantly increasing domestic revenues, including by eliminating numerous tax and duty exemptions, while increasing infrastructure spending and bolstering the social safety net.
The ECF program is also expected to play a catalytic role to maintain external support. In the medium-term, the arrangement will provide the framework for structural progress on revenue mobilization, public financial management and financial sector reforms, as well as increased reserves.
Commenting on the development, IMF Deputy Managing Director, Mr Tao Zhang and Acting Chair, noted that, “The new program provides support on three broad fronts: (i) provide financing space in the short-run to fund critical spending; (ii) make a strong contribution to the reduction of poverty; and (iii) support a medium-term structural reform framework, most critically in domestic revenue mobilization, public financial management (PFM), and financial sector reform.
“For the medium-term, the new program focuses on forceful revenue mobilization supported by a medium-term Revenue Mobilization Strategy (RMS), which the authorities will design and implement. On the expenditure front, the authorities are in the process of finalizing the regulatory framework for the recently passed PFM Act. The PFM Act will enhance the efficiency of spending, support medium-term budget planning, and consolidate the cash resources of various ministries, departments and agencies under the roof of the Treasury Single Account (TSA).
“In the short-run, the ECF arrangement will help create fiscal space, which will be used to scale up infrastructure and social spending to support higher and inclusive growth. To further this goal, the authorities’ decision to prioritize public investment, consistent with a moderate risk of debt distress rating, is welcome. The authorities’ efforts to expand the social safety net are also to be commended.
“The authorities’ commitment to implement a fuel subsidy reform no later than the second ECF review is important for a sustainable budget. In the meantime, the alternative actions taken to compensate for the delay in the implementation of this reform are welcome. These measures are the elimination of all import duty and GST exemptions as well as the collection of royalties from mining companies based on published market prices.
“Sierra Leone’s risk of debt distress remains moderate. Financing needs, particularly for large-scale investment projects will need to be covered mostly with grants and concessional loans. In addition, non-debt generating options should be considered for the proposed new airport.
“Monetary policy will remain focused on lowering inflation to single digits. The Bank of Sierra Leone (BSL) shall seek to build reserves, while allowing further exchange rate flexibility and limiting its interventions to smooth exchange rate volatility. The BSL should also take firm action to strengthen the financial system, based on the conclusions of the recently completed diagnostics for the two state-owned banks. The establishment of a civil registry and financial sector reforms, including the move toward risk-based supervision, should help increase credit to private sector.
“Structural reforms aimed at enhancing governance and improving the business environment will help increase support for private sector participation in the economy and promote economic diversification.”
By Adedapo Adesanya
Italian oil major, Eni, is positioning to embark on deepwater exploration investment in Nigeria after President Bola Tinubu met its chief executive Officer, Mr Claudio Descalzi, in Abuja to discuss the company’s deepwater expansion plans.
This follows the recent conversion of Oil Prospecting Licence 245 (OPL 245) into new development and exploration licenses.
Under an agreement with the Federal Government of Nigeria, OPL 245 has been converted into two Petroleum Mining Leases (PML 102 and 103) and two Petroleum Prospecting Leases (PPL 2011 and 2012), following a mutually agreed settlement of claims and the discontinuation of arbitration proceedings at the International Centre for Settlement of Investment Disputes (ICSID).
Nigerian Agip Exploration Limited will operate the licenses alongside partners Nigerian National Petroleum Company (NNPC) Limited and Shell Nigeria Exploration and Production Company Limited (SNEPCO).
The conversion clears the path for the development of the Zabazaba and Etan deepwater fields under PML 102 and 103.
The Etan-Zabazaba project is estimated to contain approximately 500 MMbbl of reserves and is planned around a 150,000-bopd floating production, storage and offloading (FPSO) facility. Associated gas volumes of up to 200 MMscf/d at peak are expected to be exported to Nigeria LNG.
Eni, which has operated in Nigeria since 1962, also discussed its broader offshore portfolio, including interests in the Abo and Bonga fields and Nigeria LNG.
The company recently increased its stake in OML 118 to 15 per cent, reinforcing its position in Nigeria’s deepwater sector, where it currently produces approximately 55,000 barrels of oil equivalent per day on an equity basis.
Business Post reported earlier this week that Nigeria has broken up the OPL 245 oil block into four new assets to be operated by Eni and Shell, potentially settling the future of the field at the centre of one of the oil industry’s biggest historic corruption trials.
The agreement clears the way for the development of OPL 245, one of Nigeria’s biggest deepwater reserves that has remained untapped for almost three decades amid overlapping lawsuits in multiple countries.
The block is estimated to hold up to 9 billion barrels of oil equivalent in reserves, enough to rival Nigeria’s entire proven reserves if fully developed.
By Aduragbemi Omiyale
The Executive Director for Personal and Private Banking at Stanbic IBTC, Mr Olu Delano, has stressed the need to link macroeconomic trends to personal financial goals.
At the 2026 Regional Economic Outlook Series of Stanbic IBTC recently, he said, “Whether planning for retirement, funding education abroad, or expanding a business, improved stability creates opportunities. But those opportunities require careful structuring around foreign exchange dynamics, inflation trends, and interest rate movements.”
Business Post reports that the regional investor summit was designed to provide high-net-worth individuals, investors, business leaders, and senior executives with clarity in a rapidly evolving economic environment.
Hosted in Lagos, Abuja, and Port Harcourt, the series served as a strategic platform for translating Nigeria’s reform momentum into practical investment and business decisions.
It featured a keynote address by Professor Adedipe, whose insights set a strong analytical foundation for the conversations that followed. His presentation unpacked structural reforms, fiscal recalibration, and the direction of monetary policy, offering attendees a comprehensive perspective on Nigeria’s growth trajectory and the discipline required to sustain macroeconomic stability.
Across all three cities, Stanbic IBTC’s subject matter experts and industry professionals moved the discussion from macroeconomic signals to market strategy. Sessions were structured to bridge economic context with sector-specific opportunities, portfolio construction frameworks, and risk management considerations. The focus extended beyond understanding the environment to making informed, disciplined decisions within it.
A recurring theme throughout the summit was the evolving monetary policy cycle. Discussions examined the Central Bank of Nigeria’s tight stance in addressing inflationary pressures and stabilising the currency.
Participants also considered the potential implications of a gradual policy easing cycle, particularly for fixed income instruments, equity positioning, and broader asset allocation strategies. Emphasis was placed on timing, selectivity, and portfolio resilience.
Beyond markets, the conversations addressed the practical realities of wealth and business strategy. High net worth individuals gained clarity on diversification, currency exposure, and inflation management, while business leaders explored how improving macroeconomic stability can support capital allocation decisions and long-term expansion plans.
The chief executive of Stanbic IBTC Asset Management, Ms Busola Jejelowo, reflected on the quality of engagement across the regions.
She noted that the depth of questions and analytical rigour demonstrated a maturing investment culture and a growing appetite for data-driven strategies.
According to her, the series was not only about presenting forecasts, but about equipping clients with structured frameworks for navigating uncertainty.
By Adedapo Adesanya
Coronation Registrars Limited processed N1.28 trillion in dividends for the year 2025, representing over 40 per cent of the total dividends distributed on the Nigerian Exchange (NGX) Limited.
This information was revealed by the company in its 2025 performance scorecard, highlighting its continued role in supporting transparency, efficiency, and investor confidence within Nigeria’s capital market.
According to the company, the performance underscores its scale and the trust placed in it by leading publicly listed companies, which it helps in administering dividend processing. Other functionalities include managing shareholder records, corporate actions, and investor communications while ensuring compliance with regulations of the NGX and the Securities and Exchange Commission (SEC).
Coronation Registrars also recorded 34.8 per cent market share of the NGX by market capitalisation, while maintaining 64 per cent coverage of companies listed on the NGX Premium Board, reflecting strong partnerships with some of Nigeria’s largest and most influential issuers.
Operationally, the registrar facilitated 1.99 million buy and sell transactions in 2025, while managing 2.91 million shareholder accounts across its registrar’s portfolio.
The organisation also continued to address the longstanding issue of unclaimed dividends. In 2025, N3.67 billion in legacy unclaimed dividends was successfully returned to investors, helping reconnect shareholders with previously outstanding entitlements.
To further strengthen shareholder record accuracy and service efficiency, Coronation Registrars processed over 513,000 Know-Your-Customer (KYC) and shareholder account updates, including Clearing House Number (CHN) updates and record changes.
Commenting on the milestone, the Managing Director of Coronation Registrars Limited, Mr Seyi Owuturo, stated, “Our 2025 scorecard reflects the responsibility we carry as custodians of shareholder records and facilitators of dividend distribution for many of Nigeria’s leading companies. We remain committed to improving investor access, strengthening operational efficiency, and supporting the continued development of Nigeria’s capital market.”
Coronation Registrars said it remains focused on leveraging technology, operational excellence, and strong issuer partnerships to deliver reliable registry services while supporting the evolving needs of shareholders and listed companies.
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