The IMF has urged Nigeria to adopt targeted social interventions to combat economic challenges. During a meeting, key discussions focused on improving social support, enhancing economic reforms, and bolstering private sector investment. The government is also advancing tax reforms and increasing crude oil production to boost national revenue, while improving fiscal data transparency and efforts to enhance Nigeria’s credit profile.
The International Monetary Fund (IMF) has recognized the pressing economic challenges facing Nigeria and advocated for the Federal Government to implement targeted social interventions. During a meeting with Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, IMF First Deputy Managing Director Gita Gopinath emphasized the necessity of these interventions on Tuesday in Abuja.
A statement from the Finance Ministry’s Director of Information and Public Relations, Mohammed Manga, confirmed that both parties discussed Nigeria’s economic outlook and strategies to combat the high cost of living. Gopinath reiterated the IMF’s commitment to supporting Nigeria in developing sustainable economic policies, particularly through accelerated social support measures.
Discussions between Edun and Gopinath also touched on economic reforms, attracting private sector investment, and Nigeria’s role in global financial affairs. The minister highlighted ongoing efforts to improve social investment programs, including a transition to a biometric-based system designed to enhance efficiency and accountability.
Additionally, Edun noted advancements in tax reforms and digitalization aimed at strengthening domestic revenue generation. The increase in crude oil production from 1.2 million to approximately 1.7–1.8 million barrels per day has notably bolstered national revenue.
The importance of enhancing private sector investment was emphasized, with policy changes aimed at fostering renewable energy initiatives, bolstering the investment climate for solar energy, and promoting service exports. Edun also urged for reforms in the electricity sector, particularly advocating for expanded metering to boost efficiency.
On an international level, conversations included Nigeria’s position in global financial policy-making and efforts to secure improved credit ratings for African economies. Edun highlighted that enhancing transparency in fiscal data could positively impact Nigeria’s credit profile, attract investment, and reduce borrowing costs.
In summary, the IMF has called for Nigeria to adopt targeted social interventions to address its economic challenges. The discussions highlighted the government’s commitment to transparency, tax reforms, and boosting revenue, particularly in the oil sector. Furthermore, there is a focus on enhancing private sector investment and improving Nigeria’s standing in global financial policy as a means to improve its economic outlook.
Original Source: www.thisdaylive.com
