Economic Challenges: IMF Prescribes Targeted Social Interventions for Nigeria
Ndubuisi Francis in Abuja
The International Monetary Fund (IMF) has acknowledged the economic challenges currently facing Nigeria and underscored the need for the Federal Government to embrace targeted social interventions.
The IMF First Deputy Managing Director, Gita Gopinath, prescribed this when he met with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in his office in Abuja, Tuesday.
The Finance Ministry’s Director, Information and Public Relations, Mohammed Manga, said in a statement that Gopinath acknowledged the economic challenges facing Nigeria and underscored the importance of targeted social interventions.
“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.
The high-level discussions with Edun focused on economic reforms, private sector investment, and Nigeria’s engagement in global financial affairs.
Edun outlined Nigeria’s efforts to enhance social investment programmes, noting that the government is transitioning to a biometric-based, transparent system to improve efficiency and accountability.
He stated that the government is also advancing tax reforms, revenue assurance mechanisms, and digitalisation to strengthen domestic resource mobilisation.
Additionally, crude oil production has increased from 1.2 million to 1.7–1.8 million barrels per day, significantly boosting national revenue.
Highlighting the role of the private sector investment, the minister emphasised policy shifts aimed at expanding renewable energy, improving the investment climate for solar, and promoting service exports.
Edun also addressed electricity sector reforms, advocating for expanded metering to enhance efficiency.
On the international front, discussions focused on Nigeria’s participation in global financial policy and efforts to secure fairer and improved credit ratings for African economies.
Edun stressed that enhancing fiscal data transparency could strengthen Nigeria’s credit profile, attract investors and reduce borrowing costs.
