International Monetary Fund (IMF) has commended the economic reforms instituted by President Bola Tinubu’s administration.
Gatekeepers News reports that the Director of the IMF’s African department, Abebe Selassie during a press briefing in Washington, D.C, highlighted the Fund’s ongoing advocacy for Nigeria to enhance its investments in crucial sectors such as infrastructure, health, and education.
Selassie noted that the government’s recent actions reflect a more efficient allocation of public resources, which is essential for unlocking Nigeria’s significant economic potential. These reforms are designed to foster a more dynamic economy, attract investments, and stimulate growth.
“We express our thoughts on what would be a better use of public resources and I think over the years, what Nigeria has been testing for is a lot of investment in infrastructure. A lot of investment that’s required in health, education and the like,” Selassie said.
“Those have been our strong views expressed in Nigeria as continued sustaining subsidies for fuel and other areas.
“At the end of the day, these are really deeply domestic and deeply political choices that governments have to make.
“They have made choices that we think move in the direction of better use of public resources, in a way that will unlock this incredible potential that the economy has to make it more dynamic, to invest, to facilitate growth and we welcome those reforms.”
The IMF director acknowledged that the reforms have come with significant costs, including internal adjustment expenses, noting that improving social protections, especially for the most vulnerable, would be beneficial.
