[4] Consequently, as Nigeria grows increasingly reliant on the oil and gas sector, which serves as the largest contributor to government revenues and a large portion of its total exports, it is often subjected to the volatility of the petroleum market.
[4] In 1986 under General Ibrahim Babangida's rule, Nigeria initiated its first IMF loan request under the conditions of a Structural Adjustment Program (SAP).
In July 1986, the structural adjustment program was established under several conditions: First, reduce Nigeria's dependence on the oil sector.
[4] These stipulations were attempts to promote domestic production, decrease dependency on the oil market, and lessen import needs.
[6] In June 2022, under the leadership of IMF's Mission Chief in Nigeria, Jesmin Rahman, convened several meetings assessing the present condition of the Nigerian economy following COVID-19, the 2020 RFI loan, and the repercussions of the Russia-Ukraine war.