National Telescope national telescope newspaper
By Abraham Amah
Nigeria received accolades from global economic leaders at the recent World Bank and International Monetary Fund (IM) Spring Meetings for its proactive stance in navigating international challenges and fostering sustainable economic practices.
In the backdrop of persistent inflation and geopolitical tensions, Nigeria emerged as a regional trailblazer, with the IMF and World Bank recognizing the country’s commendable efforts. They commended Nigeria for implementing effective monetary policies, leading to an upward revision of the growth forecast to 3.4% for this year.
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister for the Economy, who also chairs the African caucus, highlighted Nigeria’s pivotal role in advocating for Africa’s economic interests globally. A significant move was Nigeria’s ratification of the third chair for Sub-Saharan Africa at the IMF, intending to amplify the continent’s voice in international economic discussions.
During the meetings, Minister Edun presented Nigeria’s comprehensive strategy for economic stability, focusing on initiatives to strengthen key sectors such as agriculture, manufacturing, and electricity. These efforts aim to stabilize prices, reduce dependency on imports, secure food supply, and ultimately lower inflation rates.
In addition to sector-specific initiatives, the Minister emphasized advancements in the housing sector to support sustainable value chains, boost the economy, and improve housing accessibility. He also highlighted the revamp of the National Social Investment Programme (NSIP) to enhance targeted delivery and efficiency in supporting vulnerable populations.
The commitment to maintaining the Naira as a stable store of value was reiterated, along with ongoing dialogues with the private sector to align policies with growth requirements. Efforts to enhance liquidity and transparency in the foreign exchange market led by the Central Bank of Nigeria (CBN) are yielding positive outcomes.
Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, reaffirmed the Ministry’s dedication to swift policy implementation, ensuring alignment with the administration’s policy direction for effective execution and goal achievement.
Looking ahead, Minister Edun expressed optimism about Nigeria’s future, citing ongoing adjustments and the resilient spirit of the people as key drivers toward a brighter, more prosperous future for all citizens.
The Federal Ministry of Finance’s collaboration with the World Bank to secure substantial financing further demonstrates Nigeria’s commitment to sustainable economic development. The $2.25 billion financing proposal, awaiting approval at the upcoming June 2024 Board meeting, consists of Development Policy Financing and Programme-for-Results Financing, reflecting a shared vision for Nigeria’s economic advancement on the global stage.
