The International Monetary Fund has said there was urgent need for international financial support to Nigeria and other Sub-Saharan countries of Africa, as the nations need 110 billion dollars to manage the impact of COVID-19 pandemic.

In its report entitled Sub-Saharan Africa: A Cautious Re-opening, the fund stated that the immediate priority in the region remained the preservation of health and lives.

The IMF stated that as the region starts to recover, authorities should gradually shift from broad fiscal support to more affordable, targeted policies, concentrating particularly on the poorest households and those sectors hit hardest by the crisis.

 It said the fund had supported 29 countries in the region with about 10 billion dollars in funding through its Catastrophe Containment and Relief Trust facility, but stressed that it was not enough.

The agency noted that once the crisis had waned, countries should refocus their attention on transforming their economies, creating jobs, and boosting living standards.