INTERNATIONAL FINANCIAL ORGANIZATIONS ACT

An Act establishes the legal basis for Nigeria's membership in international financial organizations. It targets these organizations and Nigerian government bodies. This fulfills membership requirements for operations.

What Is This Policy?

An Act providing the domestic legal basis for Nigeria's membership in specified international financial organisations including the World Bank Group and IMF, and granting them prescribed privileges and immunities.

Who Does It Target?

The World Bank, IMF, AfDB, and other IFOs operating in Nigeria Federal Ministry of Finance as Nigeria's IFO liaison Federal Government MDAs borrowing from IFOs Nigerian businesses partnering with IFO-funded projects

What Does It Aim to Achieve?

Fulfil Nigeria's membership obligations to international financial organisations by granting them legal status, privileges, and immunities necessary for their operations in Nigeria.

Key Features

IFO Legal Status: International financial organisations have legal personality in Nigeria. Privileges and Immunities: IFO premises and assets enjoy protections necessary for international operations. Tax Exemptions: IFOs and their international staff enjoy prescribed tax exemptions. Member Obligations: Provides the legal basis for Nigeria's financial obligations to member organisations.

Current Status

Rollout Stage: Active Coverage: All designated international financial organisations in Nigeria Beneficiaries: International development finance; Nigeria's access to IFO funding Funding: Federal Government

How to Access

Projects financed by IFOs engage through the relevant MDA and Ministry of Finance IFO complaints: engage the relevant organisation's ombudsman or accountability mechanism Application method: Engage the relevant IFO or Federal Ministry of Finance.

Official Resources

Website: https://www.finance.gov.ng Contact: Federal Ministry of Finance

Legal Framework

Enacted under the legislative authority of the National Assembly pursuant to Section 4 of the 1999 Constitution. Implements Nigeria's treaty obligations under the Bretton Woods Agreements Act, the African Development Bank Agreement, and other international financial institution charters, operating alongside the Debt Management Office Act 2003.