IMF Urges Nigeria to Implement Targeted Social Interventions Amid Economic Challenges

The IMF has advised Nigeria to implement targeted social interventions to combat its economic challenges. Key discussions between IMF officials and Nigerian government representatives focused on enhancing social investment programs, boosting crude oil production, and encouraging private sector investment, particularly in renewable energy. The government is also prioritizing tax reforms and improved fiscal transparency to attract investors and reduce borrowing costs.

The International Monetary Fund (IMF) has recognized the economic difficulties currently confronting Nigeria and emphasized the necessity for the Federal Government to adopt targeted social interventions. During a meeting in Abuja with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, IMF First Deputy Managing Director Gita Gopinath made clear recommendations regarding the nation’s economic strategies.

Mr. Wale Edun outlined government initiatives aimed at improving social investment programs, including a transition to a biometric system for enhancing efficiency and accountability. Furthermore, the government aims to implement tax reforms and strengthen domestic resource mobilization through enhanced revenue assurance and digitalization efforts.

The discussions also revealed that crude oil production has risen significantly, from 1.2 million to 1.7–1.8 million barrels per day, thereby bolstering national revenue. The Minister highlighted the increased importance of private sector investment, notably through policies that promote renewable energy and improve the investment climate for solar energy.

In summary, the IMF has underscored the importance of targeted social interventions to address Nigeria’s economic challenges. The Nigerian government is progressing with initiatives to enhance social safety nets, improve tax structures, and bolster overall domestic resource mobilization. Strengthening fiscal data transparency and promoting private sector investment are crucial strategies that will contribute to improved economic conditions and global financial participation for Nigeria.

Original Source: www.thisdaylive.com