The IMF has called upon Nigeria’s government to adopt targeted social interventions to address its economic challenges. Gita Gopinath met with Finance Minister Wale Edun to discuss Nigeria’s outlook, focusing on social support, economic reforms, and enhancing private investment. The government is undertaking various initiatives, including improving transparency and boosting crude oil production to increase revenue.
The International Monetary Fund (IMF) has recognized the economic difficulties currently confronting Nigeria and has recommended that the Federal Government implement targeted social interventions. Gita Gopinath, the IMF’s First Deputy Managing Director, conveyed this message during her meeting with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in Abuja.
Director of Information and Public Relations at the Finance Ministry, Mohammed Manga, mentioned in a statement that Gopinath emphasized the necessity for targeted social interventions to reduce the high cost of living. The discussions also highlighted the IMF’s commitment to supporting sustainable economic policies in Nigeria.
Conversations between Mr. Edun and Gopinath were centered on economic reforms, attracting private sector investment, and Nigeria’s role in global financial matters. Edun expressed the government’s initiatives to enhance social investment programs, stating they are moving towards a biometric and transparent system to boost efficiency and accountability in resource allocation.
Furthermore, the government is prioritizing tax reforms and digitalization initiatives to improve revenue collection and domestic resource mobilization. Notably, Nigeria’s crude oil production has risen from 1.2 million to approximately 1.7–1.8 million barrels per day, positively impacting national revenue generation.
Mr. Edun also underscored the significance of private sector investment, advocating for policy adaptations that promote renewable energy and improve the investment environment for solar energy and service exports. He addressed necessary reforms in the electricity sector, particularly the expansion of metering to enhance operational efficiency.
On an international scale, the discussions included Nigeria’s involvement in global financial policies and strategies aimed at achieving more equitable credit ratings for African nations. Mr. Edun highlighted that improving fiscal data transparency is crucial for strengthening Nigeria’s credit rating, attracting investments, and lowering borrowing costs.
In summary, the IMF has identified key economic challenges facing Nigeria and recommended targeted social interventions as a viable solution. The Federal Government is actively engaging in reforms to enhance social investment and revenue generation while fostering a conducive environment for private investment. Efforts are also underway to improve Nigeria’s standing in global financial markets, which could further support sustainable economic growth.
Original Source: www.thisdaylive.com
