Abuja — The International Monetary Fund (IMF) is expected to warn Nigeria that its economy needs urgent reform, according to a report seen by Reuters that could delay talks over $1.4bn in much-needed international loans. The Washington-based fund would urge Nigeria, a major oil producer, to introduce immediate changes to its exchange-rate policy and say its recent reform plan was not enough to drag Africa’s biggest economy out of recession, according to the 68-page report. "Much more needs to be done," the IMF said in the document, written after a final meeting between its representatives and top officials in the capital Abuja, before the fund issued its verdict on Nigeria’s economy, expected on March 29. "Further actions are urgently needed," it said. The report — from the fund’s acting secretary and addressed to members of its executive board — is set to form part of the IMF’s verdict, though Nigeria can request alterations. Three people familiar with the negotiations said it woul...
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