The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, recently met with Gita Gopinath, the First Deputy Managing Director of the International Monetary Fund (IMF), in Abuja.
Their high-level discussions centered on economic reforms, private sector investment, and Nigeria’s role in global financial matters. Edun highlighted the government’s initiatives to enhance social investment programs, mentioning a shift to a biometric-based, transparent system aimed at improving efficiency and accountability.
He also detailed advancements in tax reforms, revenue assurance mechanisms, and digitalization efforts to bolster domestic resource mobilization. Notably, Nigeria’s crude oil production has risen from 1.2 million to approximately 1.7 to 1.8 million barrels per day, significantly increasing national revenue.
Emphasizing the importance of private sector investment, Edun discussed policy changes designed to promote renewable energy, enhance the investment climate for solar energy, and boost service exports. He further addressed reforms in the electricity sector, advocating for expanded metering to improve efficiency.
On the international stage, discussions included Nigeria’s engagement in global financial policies and efforts to secure fairer credit ratings for African economies. Edun stressed that improving fiscal data transparency could enhance Nigeria’s credit profile, attract investors, and lower borrowing costs.
Gita Gopinath acknowledged the economic challenges Nigeria faces and emphasized the necessity for targeted social interventions. She reiterated the IMF’s commitment to supporting sustainable economic policies and highlighted the need to address the rising cost of living through accelerated social support.
Following their productive discussions, Nigeria reaffirmed its commitment to achieving economic stability, fostering investment-friendly policies, and promoting deeper regional trade integration, all aimed at paving the way for sustainable growth and prosperity.
