Economy
IMF Charges Nigeria, Others to Deepen Fiscal Buffers Amid Headwinds
By Adedapo Adesanya
The International Monetary Fund (IMF) has called on Nigeria and other African countries to deepen fiscal buffers, adopt context-specific monetary policies, and advance regional economic cooperation in order to cushion the effect of global headwinds and unlock long-term inclusive growth.
The Managing Director of the Bretton Wood institution, Ms Kristalina Georgieva, said this during the launch of IMF’s latest Global Policy Agenda Report titled Anchoring Stability and Promoting Balanced Growth at the ongoing World Bank/IMF Spring Meetings in Washington.
She highlighted the continent’s mixed growth outlook and called for a renewed commitment to structural reforms.
Speaking further on fiscal reforms, she said, “Don’t hide behind excuses, and say we can’t go for more tax because, you can. There is a lot that can be done to broaden the tax base, and a lot that can be done to reduce tax evasion and tax avoidance, using technology, as some countries are doing, to chase the tax dollars, when there is the foundation for that, is a very good thing to do.”
Ms Georgieva pointed out that while Africa remained home to some of the world’s fastest-growing economies, a significant number of low-income and fragile states were increasingly falling behind, especially in the wake of slowing global growth and rising geopolitical risks.
“We have seen over the last years, the African continent having some of the fastest growing economies, but we also have seen low-income countries primarily and among the fragile conflict-affected countries falling further behind, and now this, this is a shock for the continent,” she added.
The IMF chief stated that while the direct effect of trade tariffs on most African countries was minimal, the indirect consequences, particularly, from a slowdown in global growth posed more serious challenges, especially for oil-exporting countries, like Nigeria.
“The direct impact of tariffs on most of Africa, not on all of Africa, but on most of Africa, is relatively small, but the indirect impact is quite significant.
“Slowing global growth means that, all other things being equal, they would see a downgrade. And actually, we have downgraded the growth prospects for the continent, for the oil producers, like Nigeria, falling oil prices create additional pressure on their budgets. On the other hand, for the oil importers, this is a breath of fresh air.
“In other words, different countries face different challenges. If I were to come up with some basic recommendations that apply to Africa, I would say they apply to Nigeria, Egypt, Ghana, and they apply to Cote d’Ivoire.
“First, continue on the path of strengthening your buffer levels. There is still a lot that can be done on the fiscal side, to have strength and to have the buffers for a moment of shock, and don’t use any excuses around,” Ms Georgieva noted.
The IMF managing director urged Nigeria and other governments in Africa to do more to expand their tax base and tackle leakages through digital tools. She warned against copycat monetary policies, urging central banks to respond based on country-specific inflation pressures rather than mimic regional peers.
“On the monetary policy side, we are no more in a place where you can look at the book of the central bank governor of the neighbouring country and say, ‘Oh, they’re doing this, let’s try out the same,’ because you have to really assess domestically, what your inflationary pressures are and do the right thing for your country,” she said.
Ms Georgieva also made a passionate call for Africa to rebrand its global image, stating that corruption and conflict in one country cast a long shadow over the entire region.
“But above all, make it so that the image of the whole continent changes, because now everybody suffers from wrongdoing, from corruption or conflict in one country, it throws a shadow on the rest of the continent. And finally, like Asia, there is a need to deepen inter-regional trade and cooperation, remove the obstacles.”
She also underscored the importance of boosting intra-African trade, comparing the continent’s potential to that of Asia and welcomed World Bank efforts to ease infrastructure barriers to trade.
She added: “Sometimes they are infrastructure obstacles. The World Bank is working on reducing the infrastructure obstacles to broaden trade. Africa has so much to offer the world. They have the minerals, better resources, and a young population. I think that a more unified, more collaborative continent can go a long, long way to be an economic powerhouse.”
By Adedapo Adesanya
The National Insurance Commission has issued new guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund.
In a circular issued to all insurance institutions on Tuesday, the regulator also set May 31, 2026, as the deadline for insurers to submit their assessment returns for the 2025 financial year.
Recall that on August 5, 2025, President Bola Tinubu signed into law the Nigerian Insurance Industry Reform Act ( NIIRA 2025).
This landmark legislation repeals the Insurance Act 2003, and consolidates related provisions, ushering in a modern regulatory framework. It lays a strong foundation for sustainable growth and increased investment in the country’s insurance sector.
The commission said the guidelines were issued in exercise of its powers under the 2025 Act and other existing insurance laws and regulations to provide regulatory clarity, improve guidance, and ensure ease of compliance across the industry.
According to NAICOM, the guidelines establish a comprehensive structure for the operation of the IPPF, which serves as a statutory safety net to protect insurance policyholders in the event of distress or insolvency of a licensed insurer or reinsurer. The framework also provides direction on the reimbursement of loans by insurers and reinsurers.
NAICOM stated, “The guidelines ensure regulatory clarity, guidance and ease of compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the Fund, which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.
“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submissions shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.”
By Adedapo Adesanya
The Dangote Refinery on Wednesday returned the petrol price to N1,200 per litre, less than 24 hours after it increased it by 5 per cent.
The private refinery had raised the ex-depot price by N75 on Tuesday, citing pressure from volatile global oil markets, but quickly brought it back to N1,200 per litre from N1,275 per litre.
The swift downward review is directly linked to a sharp drop in international crude prices. Brent crude has plunged to $95.05 per barrel, after a 13 per cent decline, while the US West Texas Intermediate (WTI) crude closed at $97.18, recording nearly a 14 per cent drop.
This development comes after US President Donald Trump announced a conditional two-week ceasefire with Iran, which eased fears of immediate supply disruptions in the global oil market.
“This will be a double-sided CEASEFIRE!” Trump said on social media, marking a sharp reversal from his earlier warning that “a whole civilisation will die tonight” if Iran failed to comply with US demands.
Iran’s Foreign Minister, Mr Abbas Araqchi, confirmed that the country would halt attacks provided strikes against Iran cease and transit through the Strait of Hormuz is coordinated by Iranian forces.
Despite the breakthrough, tensions remain elevated across the region, with several Gulf states reporting missile launches, drone activity, or issuing civil defence warnings.
While oil prices have fallen back below $100, they remain significantly elevated after surging by a record amount in March. Market analysts noted that regardless of how successful the ceasefire is, geopolitical risk related to the Strait of Hormuz is likely to remain elevated for the foreseeable future under the control of Iran.
By Adedapo Adesanya
Crude oil deliveries from the Nigerian National Petroleum Company (NNPC) Limited to the Dangote Petroleum Refinery doubled in March, boosting prospects for improved fuel availability.
This was revealed by the chief executive of Dangote Industries Limited, Mr Aliko Dangote, on Tuesday, when he received the Deputy Secretary-General of the United Nations, Mrs Amina Mohammed, at the industrial complex in Ibeju-Lekki, Lagos.
While speaking on feedstock supply, Mr Dangote commended the NNPC for increasing crude deliveries to the refinery in March, noting that volumes rose to 10 cargoes—six supplied in Naira and four in Dollars—to support domestic fuel availability, according to a statement by the Refinery.
“Last month, they gave us six cargoes for Naira and four cargoes for Dollars,” he said.
Despite the improvement, Mr Dangote noted that the supply remains below the 19 cargoes required for optimal operations, with the refinery continuing to bridge the gap through imports from the United States and other African producers.
He also expressed concern over the unwillingness of international oil companies operating in Nigeria to sell to the refinery, stating that their preference for selling crude to traders forces it to repurchase at higher costs, with broader implications for the economy.
Mr Dangote added that the refinery is seeking increased access to domestically priced crude under local currency arrangements as part of efforts to moderate fuel costs and enhance long-term energy and food security across the continent.
On her part, Mrs Mohammed underscored the strategic importance of Dangote Industries Limited -particularly Dangote Fertiliser Limited—in addressing Africa’s mounting food security challenges, while calling for stronger global partnerships to scale its impact.
Mrs Mohammed said the United Nations would prioritise amplifying scalable solutions capable of mitigating the continent’s food crisis, describing Dangote’s integrated industrial model as a critical pathway.
“I think the UN’s job here is to amplify and to put visibility on the possibilities of mitigating a food security crisis, and this is one of them,” she said. “I hope that when we go back, we can continue to engage partners and countries that should collaborate with Dangote Industries.”
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