The IMF has stressed the need for targeted social interventions in Nigeria to address economic challenges. Discussions between IMF officials and Nigeria’s Finance Minister highlighted the importance of social support, private sector investment, and fiscal transparency. Nigeria is working on reforms to enhance efficiency and boost revenue, particularly through improvements in oil production and renewable energy initiatives.
The International Monetary Fund (IMF) has recognized the economic hurdles confronting Nigeria and emphasized the necessity for the Federal Government to adopt targeted social interventions. This statement was made by IMF First Deputy Managing Director, Gita Gopinath, during a recent meeting with Finance Minister Mr. Wale Edun in Abuja.
During their discussions, the importance of accelerating social support was highlighted to mitigate the rising cost of living. Gopinath reiterated the IMF’s dedication to aiding Nigeria in implementing sustainable economic policies, addressing the country’s economic forecast, and fostering private sector investments.
Minister Edun elaborated on Nigeria’s proactive measures to enhance social investment initiatives, mentioning the government’s shift to a biometric-based, transparent system to ensure greater efficiency and accountability. He also discussed ongoing tax reforms and digitalization efforts aimed at bolstering domestic revenue mobilization.
Furthermore, the government’s successful increment in crude oil production—from 1.2 million to approximately 1.7–1.8 million barrels per day—has contributed significantly to national revenue. Edun underscored the critical role of private sector investments, advocating for policy reforms that would enhance renewable energy initiatives and attract more service exports.
Discussions also extended to reforms within the electricity sector, focusing on expanded metering to boost efficiency. On a global scale, the dialogues addressed Nigeria’s involvement in international financial policymaking and the pursuit of fair credit ratings for African nations.
Minister Edun stressed that improving fiscal data transparency could bolster Nigeria’s credit rating, attract foreign investors, and reduce borrowing costs. Overall, the dialogue with the IMF underscores a cooperative approach to navigating Nigeria’s economic challenges while fostering sustainable growth.
The IMF’s consultations with Nigeria’s finance leadership illustrate a concerted effort to tackle economic difficulties through targeted social policies and private sector engagement. Minister Edun’s commitment to enhancing transparency and efficiency in the fiscal system aims to foster economic stability and attract investments. The discussions paved the way for collaborative strategies to improve Nigeria’s economic landscape in the face of pressing challenges.
Original Source: www.thisdaylive.com
