Last week’s World Bank, International Monetary Fund (IMF) Spring Meetings in Washington DC, United States (U.S.) offered a platform for the Federal Government to show Nigeria’s economic resilience, the Federal Ministry of Finance said yesterday.
Minister of Finance and Coordinating Minister of Economics, Mr. Wale Edun, who led the delegation, emphasized Nigeria’s role in pushing for Africa’s economic interests on the global stage.
The ministry said the country stood out during the Spring Meetings as it garnered encomiums from world leaders for its proactive measures in the face of international challenges.
The 2024 Spring Meetings, which were held amidst a backdrop of persistent inflation and geopolitical tensions, underscored Nigeria’s ascent as a regional trailblazer in fostering sustainable economic practices.
The ministry said: “Notably, the IMF and World Bank commended Nigeria’s robust efforts, citing the tightening of monetary policies and subsequent upward revision of the country’s growth forecast to 3.4 per cent this year as a testament to the effectiveness of the government’s economic strategies.
“Of particular significance was Nigeria’s ratification of the third chair for Sub-Saharan Africa at the IMF, a move aimed at amplifying the continent’s voice in international economic discourse.”
Speaking at the meetings, Edun, who chairs the African Caucus, outlined the government’s multi-faceted approach to economic stability, highlighting initiatives geared towards bolstering key sectors such as agriculture, manufacturing, and electricity.
The minister emphasized the dual purpose of the efforts – stabilising prices and reducing dependency on imports to secure the nation’s food supply.
He was quoted as saying: “Our focus on agriculture, manufacturing, and electricity aims not only to stabilize prices but also to secure food and reduce dependency on imports.
“These initiatives, coupled with the inflation targeting policies of the Central Bank of Nigeria, are expected to reduce inflation by the second half of the year, which would allow for a potential reduction in interest rates.”
