The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, met with the First Deputy Managing Director of the International Monetary Fund (IMF), Gita Gopinath, in Abuja on Tuesday.
The meeting is aimed at strengthen Nigeria’s economic standing to attract global investment.
A statement by the Director of Information and Public Relations, Mohammed Manga indicated that their discussions centered on key economic reforms, private sector investments, and Nigeria’s role in shaping global financial policies.
Edun highlighted the government’s commitment to improving social investment programs, revealing plans to transition to a biometric-based system to enhance transparency and accountability. He also outlined efforts to strengthen domestic revenue generation through tax reforms, revenue assurance mechanisms, and digitalization.
On the energy front, Edun noted a significant increase in Nigeria’s crude oil production from 1.2 million to between 1.7 and 1.8 million barrels per day, providing a major boost to national revenue.
He further emphasized policy shifts to attract private sector investments in renewable energy, particularly solar, and the promotion of service exports.
In addressing ongoing power sector reforms, the minister stressed the need for expanded electricity metering to enhance efficiency and improve service delivery.
The meeting also touched on Nigeria’s engagement in international financial policy discussions and the push for fairer credit ratings for African economies.
Edun underscored the importance of fiscal data transparency in strengthening Nigeria’s credit profile, which could help attract investors and lower borrowing costs.
Gopinath, in her remarks, acknowledged the economic challenges facing Nigeria and highlighted the importance of targeted social interventions.
“We discussed Nigeria’s outlook and efforts to address the high cost of living, including the need to accelerate social support,” she stated, reaffirming the IMF’s commitment to supporting Nigeria’s economic stability and sustainable growth.
The discussions marked another step in Nigeria’s drive toward economic resilience, investment-friendly policies, and deeper regional trade integration.
