NIGERIA’S ECONOMIC REFORMS GAIN GLOBAL APPROVAL

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Nigeria showcased its resilience in tackling economic challenges at the recent 2023 annual meetings of the World Bank and IMF in Morocco. The Minister of Finance, Mr. Wale Edun, engaged in intensive sessions over five days, spotlighting Nigeria’s potential for investors. The key focus was on the economic reforms spearheaded by the Bola Ahmed Tinubu administration.

The removal of subsidies on petrol, and adopting market-driven naira valuation marked pivotal reforms. While these changes led to inflation and hardships for the public, they also resulted in substantial savings. Edun highlighted these efforts in meetings with the World Bank, International Finance Corporation, European Bank for Reconstruction and Development, among others. The aim is to secure substantial private sector investment for economic growth.

Discussions with institutions like the IMFC, IFC, Islamic Development Bank, and the British Government underscored the importance of domestic revenue mobilisation for Nigeria’s sustainable development finance. It was acknowledged that fiscal consolidation remains crucial in the face of global economic challenges.

Edun emphasised the need for continued multilateral cooperation to address debt challenges, supporting initiatives like the G20 Common Framework. Nigeria also advocated for a strengthened IMF Global Financial Safety Net, especially for vulnerable members.

The meetings explored the evolution agenda of the World Bank Group, with a focus on poverty eradication and shared prosperity. Nigeria urged a robust framework for global liquidity, and emphasised IDA 21 Replenishment for low-income countries.

At the G20 meeting, Nigeria applauded progress in implementing the G20 Capital Adequacy Framework, aimed at ensuring financial stability. Recommendations included adjusting the Equity-to-Loan ratio, removing lending limits, and increasing shareholder guarantees to enhance flexibility.

Edun’s leadership as Chairman of the African Governors’ Forum within the World Bank Group signifies a significant milestone for Nigeria. This platform will enable Nigeria to advocate for greater representation and influence in global governance.

 

 

 

 

 

 

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