Tag Archives: International Monetary Fund
NIGERIA NOW ‘FRONTIER EMERGING MARKET’, SAYS IMF
Nigeria’s recent private sector-led growth and vibrant capital markets with potentials for investors have placed it in a league of eight sub-Saharan African countries (outside South Africa), heading towards emerging market status, a new International Monetary Fund (IMF) report has revealed. The country is now a “frontier emerging market”, according to the IMF – a position that will guarantee the Nigeria the emerging market status as soon as it matures. Also, Nigerian banks raised about $12 billion in capital over 2006-07 mostly from offshore investors, using a variety of investment vehicles, the report noted.