IMF Highlights Nigeria’s Economic Stability Amid Reforms under Tinubu Government
The International Monetary Fund (IMF) has praised the reforms implemented by Nigeria’s Bola Ahmed Tinubu-led government, noting that these measures have restored economic stability in the country. IMF’s First Deputy Managing Director, Gita Gopinath, highlighted that key reforms, such as foreign exchange deregulation, have significantly strengthened the value of the naira, helping stabilize the economy. According to Gopinath, these reforms, although difficult, were essential for maintaining macroeconomic stability in the nation.
During an interview on Arise TV, Gopinath further emphasized that the reforms, including the controversial fuel subsidy cuts, were necessary for the country’s economic growth. She recognized the government’s bold decision-making in deregulating foreign exchange policies and reducing fuel subsidies, acknowledging the positive impact these measures have had on key economic indicators like the naira’s strength. However, she stressed the importance of clearly communicating the benefits of these reforms to the public to ensure patience and support, as reforms of this nature take time.
Gopinath also pointed out the importance of confidence in the local currency for economic stability. She explained that the naira’s value is backed by sound fiscal and monetary policies that aim to reduce inflation and manage government deficits. Furthermore, she urged the Nigerian government to focus on improving domestic revenue generation, as the current government revenue is relatively low compared to other countries, which could help build more investor confidence and stabilize the economy.
In addition to her economic insights, Gopinath took the opportunity to inspire young girls ahead of International Women’s Day, encouraging them to pursue careers in economics. She emphasized that economics offers diverse career opportunities in sectors like finance, consulting, and government, highlighting the importance of increasing female representation in the field. Gopinath believes women bring valuable perspectives and skills to the profession, urging universities to create environments where women feel empowered to succeed.
SOURCE: LEADERSHIP