IMF approves $3.4 billion for Nigeria to address coronavirus

The IMF board on Tuesday approved $3.4 billion in emergency financing for Nigeria to help deal with the economic damage inflicted by the coronavirus pandemic.

The loan aims "to support the authorities' efforts in addressing the severe economic impact of the COVID-19 shock and the sharp fall in oil prices," the IMF said in a statement.

The funds come from the IMF's Rapid Financing Instrument, which has been ramped up to get aid quickly to developing nations most vulnerable to the economic effects of shutdowns aimed at stopping the virus' spread.