The First Deputy Managing Director of the International Monetary Fund (IMF), Gita Gopinath, has met with Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, for high-level discussions on economic reforms, private sector investment, and Nigeria’s role in global financial affairs.
During the meeting held on Tuesday, Edun outlined the Nigerian government’s ongoing efforts to enhance social investment programs, transitioning to a biometric-based system aimed at improving transparency, efficiency, and accountability.
He also highlighted reforms in tax administration, revenue assurance, and digitalisation to strengthen domestic resource mobilisation.
Providing an update on the oil sector, Edun noted a significant increase in crude oil production, rising from 1.2 million barrels per day to between 1.7 and 1.8 million barrels per day.
According to him, this boost is expected to contribute substantially to national revenue.
The discussions also touched on Nigeria’s strategies to attract private sector investment, with a focus on expanding renewable energy projects, improving the business climate for solar power investments, and promoting service exports.
Edun further addressed electricity sector reforms, emphasizing the need for widespread metering to enhance efficiency and service delivery.
On the international front, the talks covered Nigeria’s participation in global financial policy-making and efforts to secure fairer and improved credit ratings for African economies.
Edun stressed that increasing fiscal data transparency would strengthen Nigeria’s credit profile, attract investors, and reduce borrowing costs.
