Nigeria’s Finance Minister, Kemi Adeosun, at the ongoing Spring Meetings of the IMF/World Bank on Friday explained why the Nigerian government is not excited about calls to apply for loan facility from the International Monetary Fund (IMF) to tackle some of the current economic challenges that Nigeria is facing due to the slump in global oil prices.

Other speakers at the event included IMF Deputy Managing Director, Mitsuhiro Furusawa, and Rwanda Finance Minister, Claver Gatete.

The minister, who was a speaker at a panel discussion on Africa titled: “Sub-Saharan Africa: Just a Rough Patch,” said Nigeria is adapting to its new realities and it is implementing fiscal policies to steer the country back on track for stable growth with a diversified economy.
These policies and investment should enable Nigeria to show positive growth in 2017.

Mrs. Adeosun emphasised that what the country is passing through is surmountable, adding that government is already applying a cocktail of measures to address the problem.

“Nigeria is not sick and even if we are, we have our own local remedy,” the Minister said, in an apparent response to a question on why the government has refused to apply for IMF loans.

Noting that the real vulnerability in the Nigerian economy is over-dependence on a single source of revenue, oil, the minister said, “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 a 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, and with a truly diversified economy we would have enabled opportunities for wealth creation that would have trickles 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.
Foramfera

“The great thing is that long term investors recognize 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.”

modath:

IMF should go with their Greek gift!!

LRNZH:


Aunty Mody... Ba wo ni?

You know, I am very hopeful that oil prices will come up to between $50 and $60 per barrel by the end of 2016 in good enough time for Nigeria to fund it's budget with emphasis on capital expenditure.

That's the chance this present govt needs to show if it's truly going to effect a successful change or not. We have to give them some kudos for holding up under pressure from IMF and riff-raffs like Fayose.

Fighting corruption in itself will only take us far. The real solution is to provide a working society where opportunities are available to own a business or get employed in a white or blue collar job. If people see there is a legitimate means to livelihood in Nigeria without having to runs your way to it, some of the societal corruption which have been holding us back will reduce significantly.

By the way, na who Fayose epp with his dubious China trip?

LRNZH:


Aunty Mody... Ba wo ni?

You know, I am very hopeful that oil prices will come up to between $50 and $60 per barrel by the end of 2016 in good enough time for Nigeria to fund it's budget trip?

Goke7:
PMB had influenced this woman with balls, even fayose and his ponmo followers will run mad hearing this.

Wailers come out and wail o, food don done

LRNZH:


Aunty Mody... Ba wo ni?

You know, I am very hopeful that oil prices will come up to between $50 and $60 per barrel by the end of 2016 in good enough time for Nigeria to fund it's budget with emphasis on capital expenditure.

That's the chance this present govt needs to show if it's truly going to effect a successful change or not. We have to give them some kudos for holding up under pressure from IMF and riff-raffs like Fayose.

Fighting corruption in itself will only take us far. The real solution is to provide a working society where opportunities are available to own a business or get employed in a white or blue collar job. If people see there is a legitimate means to livelihood in Nigeria without having to runs your way to it, some of the societal corruption which have been holding us back will reduce significantly.

By the way, na who Fayose epp with his dubious China trip?

TPAND:
International intellectuals are strongly advising Nigeria against her economic policies, Buhari and Adeosun are both forming sabi.

mutinationals are downsizing...
Foreign investors are pulling their investments
We are busy signing a malicious sub-standard technology import deal with China.
I can't wait to see the Chinese flood our markets with sub-standard products and services.

KINGwax007:
dollar is above $44 already...

I think you may be right.


Now. We shld worry more about why the IMF always want us to devalue our currency while the East are given bail out funds!!!


I hope wailers cld wail for brains/!!

modath:
IMF should STFU & DISAPPEAR with Greek gift!

The real Greeks have been in worse econoomi doldrums since 2009 .

IMF has never posited devaluation of the Euro to "help" or "rescue" a country who is a few wrong turns away from bankruptcy, rather it's been bail outs after bail outs

http://mobile.nytimes.com/2015/08/15/business/international/eurozone-finance-ministers-greek-bailout.html?referer=&_r=0

http://www.bbc.com/news/world-europe-33905686

http://www.independent.co.uk/news/business/news/greece-back-in-the-firing-line-as-imf-reconsiders-bailout-deal-a6985671.html


Why is IMF's offer for Africans always strictly about DEVALUATION.

http://globalriskinsights.com/2016/02/for-nigeria-and-angola-the-prospect-of-international-loans-offers-a-mixed-blessing/

http://www.bdlive.co.za/africa/africannews/2016/02/02/nigeria-and-angola-may-have-to-devalue-currency

Bailout for Europe, Devaluation for Africa!!

God will direct Bubu, these are perilous & hard times!!

ijustdey:
since we have been inviting and running to IMF for advises and know-how on budget and finances all these years....... what have they done.



they have battered our economy by fostering their puppets on us who dance to their tunes and does their bidding their by creating weather for the advance countries and leaving our economy worse than before.....




we need to do our things our own way, use our own technology, wisdom and principles and see how it will take us too
China, Japan, Singapore economy should have thought us something not to rely on these people

Mindfulness:


First of all, the Euro is - unlike the Naira - the currency of the eurozone (19 countries) and not a single country.
Secondly, Greece has been bailed out by other EU member states. Who is going to bail out Nigeria?
Thirdly, Greece received loans from the IMF.

The comparison was based on your lack of understanding.