During a meeting with Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the International Monetary Fund’s (IMF) First Deputy Managing Director Gita Gopinath expressed confidence in the country’s efforts to tackle economic challenges
Gopinath acknowledged Nigeria’s progress in addressing the high cost of living and accelerating social support for vulnerable populations, emphasizing the significance of targeted interventions.
Gopinath reaffirmed the IMF’s commitment to supporting sustainable economic policies in Nigeria, highlighting the organization’s dedication to the country’s growth and development.
Edun, in turn, detailed Nigeria’s ongoing efforts to enhance social investment programs, promote transparency, and boost domestic resource mobilization.
The meeting in Abuja focused on economic reforms, private sector investment, and Nigeria’s engagement in global financial affairs, emphasizing the importance of cooperation and partnership in achieving sustainable economic growth.
“We discussed Nigeria’s outlook and efforts to address the high cost of living, including the need to accelerate social support,” she stated, reaffirming the IMF’s commitment to supporting sustainable economic policies.
Edun discussed Nigeria’s efforts to strengthen social investment programs and improve accountability.
This includes transitioning to a biometric-based, transparent system for greater efficiency and advancing tax reforms, revenue assurance mechanisms, and digitalization to bolster domestic resource mobilization.
Notably, Nigeria’s crude oil production has increased from 1.2 million to 1.7-1.8 million barrels per day, significantly increasing national revenue.
Emphasizing the role of private sector investment, Edun highlighted policy shifts aimed at expanding renewable energy, enhancing the investment climate for solar energy, and promoting service exports.
He also addressed electricity sector reforms, advocating for expanded metering to improve efficiency.
Regarding global financial policy, discussions focused on Nigeria’s participation and efforts to secure fairer and improved credit ratings for African economies.
The IMF acknowledged the country’s progress and expressed its commitment to supporting sustainable economic policies in Nigeria, fostering growth and development in the region.
Edun stressed that enhancing fiscal data transparency could strengthen Nigeria’s credit profile, attract investors, and reduce borrowing costs.
