Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has said that strong financial backing should come in the form of innovative support instruments to reform-minded economies as they implement a bold economic transformation agenda.
He spoke at the G-24 Ministerial Meeting, on the sidelines of the IMF/World Bank meetings.
He urged the Bretton Woods institutions to extend stronger financial backing to reform-minded economies, particularly in Sub-Saharan Africa.
Also yesterday, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso outlined the gains of the economic reforms embarked on by the President Bola Ahmed Tinubu’s government. He noted that while the economic reforms were difficult, they have started bearing positive results.
Cardoso, who spoke during Nigeria Investor Presentation organised by JP Morgan at the ongoing IMF/World Bank meetings, pointed at stability in exchange rate, stronger economic buffers, dip in inflation numbers, increased foreign investors’ participation and improved sovereign rating as evidence of the early success of macroeconomic reforms.
The CBN boss said the adoption of orthodox monetary policy would be sustained, because it has helped the economy to navigate a difficult path to a point of stability.
At a supplementary meeting, Chairman, Senate Committee on Interparliamentary Worldwide, Senator Jimoh Ibrahim, underscored the importance of accurate and comprehensive data to effective development, calling on the World Bank to support the development of African data bank.
The IMF acknowledged that mid to long-term gains of the removal of subsidy on Premium Motor Spirit (PMS), popularly known as petrol, may take time to materialise.
The Bretton Woods institution also expressed concerns over deteriorating global fiscal outlook and called on countries to develop comprehensive strategies to mitigate exposures to global vulnerabilities.
