Abuja, Nigeria – In a pivotal meeting aimed at bolstering Nigeria’s economic resilience and global financial standing, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today held high-level discussions with Gita Gopinath, the First Deputy Managing Director of the International Monetary Fund (IMF). The meeting, held in Abuja, focused on critical economic reforms, private sector investment, and Nigeria’s role in global financial affairs.
The discussions underscored Nigeria’s commitment to implementing transformative economic policies to address current challenges and unlock sustainable growth. Minister Edun highlighted the government’s ongoing efforts to enhance social investment programmes, including the transition to a biometric-based system designed to improve transparency, efficiency, and accountability in the delivery of social services.
“We are committed to ensuring that our social investment programmes reach the intended beneficiaries effectively,” said Edun. “The adoption of biometric technology is a game-changer in this regard, as it eliminates leakages and ensures that resources are allocated where they are needed most.”
Economic Reforms and Revenue Mobilisation
The Minister outlined several key reforms aimed at strengthening Nigeria’s fiscal position. These include advancing tax reforms, implementing revenue assurance mechanisms, and accelerating digitalisation efforts to enhance domestic resource mobilisation. He also noted the significant increase in crude oil production, which has risen from 1.2 million to 1.7–1.8 million barrels per day, providing a much-needed boost to national revenue.
“Our focus is on creating a robust and resilient economy that can withstand global shocks,” Edun stated. “By improving revenue collection and expanding our revenue base, we are laying the foundation for sustainable economic growth.”
Private Sector Investment and Renewable Energy
A major highlight of the discussions was the role of private sector investment in driving economic growth. Minister Edun emphasised the government’s policy shifts aimed at attracting investments in renewable energy, particularly solar power, and promoting service exports. He also addressed ongoing reforms in the electricity sector, advocating for expanded metering to improve efficiency and reduce losses.
“The private sector is a critical partner in our economic transformation agenda,” Edun said. “We are creating an enabling environment for investments in renewable energy and other key sectors to diversify our economy and create jobs.”
Global Financial Engagement and Credit Ratings
On the international front, the meeting explored Nigeria’s participation in global financial policy and efforts to secure fairer and improved credit ratings for African economies. Minister Edun stressed the importance of enhancing fiscal data transparency to strengthen Nigeria’s credit profile, attract foreign investors, and reduce borrowing costs.
“Improving our credit rating is essential for accessing affordable financing and attracting investments,” Edun explained. “We are working closely with international partners to ensure that our fiscal data is transparent and credible, which will enhance investor confidence in our economy.”
IMF’s Commitment to Supporting Nigeria
In her remarks, Gita Gopinath acknowledged the economic challenges facing Nigeria and reaffirmed the IMF’s commitment to supporting the country’s efforts to achieve sustainable growth. She highlighted the importance of targeted social interventions to address the high cost of living and improve the welfare of citizens.
“We discussed Nigeria’s economic outlook and the need to accelerate social support programmes to mitigate the impact of rising living costs,” Gopinath said. “The IMF remains committed to working with Nigeria to implement policies that promote economic stability and inclusive growth.”
A Path to Sustainable Growth
The meeting concluded with a reaffirmation of Nigeria’s commitment to pursuing economic stability, investment-friendly policies, and deeper regional trade integration. These efforts are expected to pave the way for sustainable growth and prosperity, positioning Nigeria as a key player in the global economy.
As Nigeria continues to navigate complex economic challenges, the collaboration with the IMF and other international partners is expected to play a crucial role in driving reforms, attracting investments, and improving the livelihoods of millions of Nigerians.
About the IMF:
The International Monetary Fund (IMF) is a global financial institution that works to ensure monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty worldwide.
