The International Economic Relations Department (IERD) is responsible for managing Nigeria’s economic relations with global community. It maintains vibrant, cordial and mutually beneficial bilateral relationship with other countries as well as strong relations with multilateral financial institutions (where Nigeria is a member) and donor agencies operating in Nigeria.
“To be the first in service delivery in the Federal Ministry of Finance”
“To manage Nigeria’s economic relations with global community with probity, transparency, accountability and efficiency to deliver on the Country’s development priorities”
FUNCTIONS AND MANDATES:
The Department is responsible for managing Nigeria’s external economic relations with multilateral financial institutions as well as donor agencies, prominent among which are: International Monetary Fund (IMF), The World Bank Group (including: IFC, MIGA, IBRD, IDA, and ICSD), Africa Development Bank Group (including: ADB, ADF & NTF), Islamic Development Bank (IDB), International Fund for Agricultural Development (IFAD), OPEC Fund for International Development (OFID), Africa Export – Import Bank (Afreximbank), United Nations Economic Commission for Africa (UNECA), African Union and Africa 50 Fund, Japan International Cooperation Agency (JICA), French Development Bank (AFD), EXIM Bank of China, Economic Community of West African States (ECOWAS), West African Monetary Institute (WAMI) etc. The Department secures development assistant/concessional credits and grants on behalf of the Federal Government for intended beneficiaries. It coordinates policy issues on bilateral and multilateral economic relations with global community. The Department prepares the External Borrowing Plan of the Federal Government of Nigeria.
STRUCTURE/FUNCTION OF THE DEPARTMENT:
The Department operates three (3) Divisions:
- International Development Assistance (IDA);
- International Development Funds (IDF) and
- Africa and Bilateral Economic Relations (ABER)
International Development Assistance (IDA) Division
The International Development Assistance (IDA) Division has the responsibility of relating with the International Development projects Partners and facilitating the management of development projects funded from concessional credits and grants from World Bank Group (WBG), International Fund for Agricultural Development (IFAD), French Development Agency (AFD), KFW, and Japan International Corporation Agency (JICA). The Division is sub-divided into three (3) Branches: (i) Agriculture; (ii) Infrastructure and (iii) Social Sector.
Functions and Responsibilities of IDA Division:
- Coordination and monitoring of donor funded projects particularly World Bank (IBRD/IDA), IFAD, AFD, KFW, JICA, FAO;
- Facilitation of all stages of identification, preparation, appraisal, implementation, and closure of donor assisted project;
- Handling matters relating to the Annual IFAD Governing Council meetings and replenishment consultations;
- Conduct Borrowers Implementation Completion Review (ICR) as well as the annual Country Portfolio Performance Review (CPPR) of Donor assisted projects in Nigeria;
- Provide oversight function for all Donor assisted projects in respect disbursement, fiduciary and project management matters;
- Participation in Donors statutory meetings;
- Participation in joint Donor/FGN supervisory missions and Mid-Term Review (MTR);
- Liaison with project implementing MDAs/States on issues relating to project implementation; and
- Any other matters referred.
International Development Funds (IDF) Division
The International Development Funds (IDF) Division – coordinates policy issues on macroeconomics as well as Nigeria’s relations with International Development Funds. IDF division is sub-divided into three (3) branches: (i) IDF- IFI (International Financial Institutions); (ii) IDF – Policy; and (iii) IDF – Programme.
Functions and Responsibilities of IDF Division:
- Handling all policy matters relating to the Annual and Spring meetings of the Board of Governors of IMF/WBG;
- Handling all matters relating to the International Monetary Fund (IMF);
- Coordination the formulation, negotiation, implementation and monitoring of macroeconomic policy issues within the context of the IMF Article IV Consultation;
- Maintaining Nigeria’s relations with: inter-Governmental Group of Twenty Four for International Monetary Affairs and Development, IMF related (G24); G-8; and G-77; Global Environmental Facility (GEF) Policy; African Capacity Building Foundation (ACBF);
- Coordination and monitoring Nigeria’s relations with International Finance Corporation (IFC); Multilateral Investment Guarantee Agency (MIGA); International Centre for Settlement of Investment Disputes (ICSID); Islamic Development Bank (IDB); Common Fund for Commodities (CFC); Commonwealth Financial Institutions; Organization of Economic Cooperation among Developing Countries (OECDC);
- Coordination of the World Bank assisted Economic Reform and Governance Project;
- Matters relating to Islamic Development Bank (IDB);
- Maintaining Nigeria’s relations with OPEC Fund for International Development (OFID);
- Handling all policy and economic matters on Arab Bank for Economic Development in Africa (BADEA);
- Strengthening the collaboration between Nigeria and International Institutions;
- Coordinating policy issues on microeconomics as well as Nigeria’s relations with International Development Funds; and
- Handling matters relating to Inter-Governmental Action Group against Money Laundering in West Africa (GIABA)
Africa Bilateral Economic Relations (ABER) Division
Africa Bilateral Economic Relations (ABER) Division is saddled with the responsibility of coordinating Nigeria’s relations with African Financial Institutions, the ECOWAS Commission and its institutions, African Union and its institutions as well as bilateral economic relations with other nations. The Division therefore relates with African Development Bank Group (AfDB), African Export-Import Bank (AFREXIMBANK), ECOWAS Bank for Investment and Development (EBID), West Africa Monetary Institute (WAMI) and West African Monetary Agency (WAMA). It also relates with regional bodies like African Union (AU), ECOWAS Commission and Economic Commission for Africa (ECA). The Division is made up of three (3) Branches namely (i) African Financial Institutions (AFI) Branch; (ii) Bilateral Relations Branch; and (iii) ECOWAS Branch.
Functions of ABER Division:
- Coordinating/monitoring of Nigeria’s relations in /African Development Bank Group, ECOWAS Bank for Investment and Development, WAMA, WAMI and Afreximbank;
- Coordination of AfDB, China Exim Bank and Exim Bank of India’s assisted projects;
- Management of Nigeria’s shares in Africa Development Bank Group, African Import Export Bank and Africa 50 Fund;
- Liaise with project implementation MDAs and States on all issues relating to project implementation;
- Participation in the Annual meetings of the African Development Bank Group, Africa 50 Fund and AFREXIM Bank;
- Participation in the bi-annual and statutory meetings of WAMA, WAMI, EBID;
- Organizing quarterly coordination meetings with African Development Bank;
- Coordination of the implementation of the West Africa Monetary Zone (WAMZ) programme towards the evolution of a single economic space in the sub-region;
- Coordination of the implementation of the activities of the Roadmap for the ECOWAS Single Currency;
- Coordination and monitoring of the development of the macroeconomic stability and convergence for the multilateral surveillance mechanism of the ECOWAS;
- Handling all issues relating to the African Union;
- Participation in issues relating to United Nations Economic Commission for Africa (UNECA), Afro-Arab Cooperation, Africa-South American Cooperation (ASA), South-South Cooperation, Forum on China-Africa Cooperation (FOCAO).