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Nigeria Seeks Global Support for Economic Reforms at IMF, World Bank Meetings

Kehinde Fajobi

Nigeria’s Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, engaged in crucial discussions with IMF Managing Director Kristalina Georgieva during the IMF Annual Meetings in Washington, D.C.

A statement from the ministry highlighted that the meeting centred on Nigeria’s economic growth prospects, the urgent need to strengthen social protection systems, and the significant strides made under President Bola Ahmed Tinubu’s ambitious reform agenda.

Edun aims to garner global support for Nigeria’s economic reforms during the 2024 Annual Meetings of the World Bank and the International Monetary Fund (IMF), which are set to take place from October 21 to October 26, 2024. Key ministerial events will occur between October 22 and 25.

As the leader of Nigeria’s delegation, Edun will focus on enhancing the nation’s economic resilience amid ongoing structural reforms. He plans to advocate for increased international backing to ensure the success of these initiatives, stressing that access to adequate and affordable financing is vital for maximising the benefits of the country’s economic adjustments.

In addition to his advocacy for Nigeria, Edun will lead efforts from the African caucus to develop a unified strategy aimed at bolstering the continent’s resilience against complex challenges. This includes calls for improved financial support and policy alignment from global partners.

Edun is also slated to headline a flagship event, “Women Transforming the World,” hosted by World Bank President Ajay Banga.

This event will highlight the transformative role women play in global development and showcase initiatives that promote gender equality and economic empowerment.

On the sidelines of the meetings, the Central Bank of Nigeria (CBN) will conduct a session titled “Strengthening Ties with Nigerians Abroad: A Conversation with Yemi Cardoso, Governor, CBN.”

This event aims to emphasise the CBN’s recent reforms and explore how the Nigerian diaspora can contribute, particularly in boosting remittance inflows, which are crucial for Nigeria’s foreign exchange reserves.

The IMF will host a series of analytical discussions, including “The Clock is Ticking: Meeting Sub-Saharan Africa’s Urgent Job Creation Challenge” and “Harnessing Renewables in Sub-Saharan Africa: Barriers to Reforms and Economic Prospects.”

These sessions are designed to provide critical insights into how African nations can address pressing economic and social challenges while pursuing sustainable growth.

The Nigerian delegation’s involvement in these high-level discussions highlights the country’s commitment to securing global support for its ongoing economic reforms, which are deemed essential for fostering inclusive growth and long-term stability.