IMF Chief

Nigeria government has again rejected entreaties from the International Monetary Fund, IMF, to accept its monetary measures as means of arresting prevailing economic challenges.
Minister of Finance, Mrs. Kemi Adeosun, said at the ongoing spring meetings of the IMF-World Bank in Washington DC, that Nigeria will overcome its economic challenges without taking loan facility from the International Monetary Fund, IMF.
Adeosun was responding subtle nudging from the World Bank team for Nigeria to take its facilities to re-jig its ailing economy.
However, Adeosun stood her ground insisting that Nigeria will survive whatever ordeals facing it without resorting to the IMF loan facility.
Though admitting that the Nigerian economy was sick, she said in a statement issued by Minister on Media, Mr. Festus Akanbi, that Nigeria was adapting to its new realities by implementing fiscal policies to steer the country back on track for stable growth with a diversified economy.
The statement said the minister expressed optimism that sound fiscal policies and investments would boost Nigeria’s economy by 2017 even as Adeosun insisted that what the country was passing through was surmountable because government was already applying a “cocktail of measures to address the problem.
“Nigeria is not sick. The real vulnerability in the Nigerian economy is over-dependence on a single source of revenue; oil. We have resolved to build resilience into the country’s economy to hedge against future oil shocks. This is because dependence on oil brings about vulnerability and laziness.
“So, we are doing a combination of things to diversify our economy, with revenue mobilisation to enable sufficient investment in developing the non-oil sectors.
“We have great opportunities to reset the Nigerian economy and ensure that as we go forward, growth will be in a sustainable manner so that we won’t be vulnerable to oil price fluctuations.’’
Nigerian Pilot Sunday recalls that Christine Largarde, managing director of IMF, had advised Nigeria to seek help on its economy, saying the organisation is willing to assist.
“Our recommendation is that Nigeria seeks help from the international institutions that can best help… We remain completely available to help,” she had said.
Adeosun said with a truly diversified economy the government would have enabled opportunities for wealth creation that would have flow down to every Nigerian.
“The compelling business case in Nigeria is that the fundamentals remain very strong, a teaming, young growing population, rich in resources and with a government determined to finally get it right,” she said.
“The great thing is that long term investors recognise this and understand the difference between short term and long term issues and the case for Nigeria persuades one to plan for the longer term opportunities.”

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