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Lagarde confident of Nigeria's economic revival

06 January 2016, 16:27

Abuja - International Monetary Fund Managing Director, Christine Lagarde, has expressed confidence Nigeria would overcome prevailing economic problems.

Addressing legislators at the National Assembly, she pledged her organisation’s support in that regard.

She noted the problems mainly centred on the oil prices falling sharply, global financial conditions tightening, growth in emerging and developing economies slowing and geopolitical tensions increasing.

Lagarde noted already, lower oil prices had sharply reduced Nigeria’s export earnings and government revenues. Both are likely to remain at depressed levels, reducing the space for policy interventions to address Nigeria’s social and infrastructure needs.

“So, Nigeria faces some tough choices going forward,” said Lagarde in Abuja.

Also read: I'm not in Nigeria to negotiate IMF loan, says Lagarde

She said Nigerians, however, were well known for their resilience and strong belief in their ability to improve their nation and lead others by example.

“I firmly believe that Nigeria will rise to the challenge and make the decisions that will propel the country to greater prosperity.”

She pledged IMF’s support.

“And let me assure you that, as you go forward, as you develop your story, the IMF will support your efforts,” Lagarde said.

She is on a four-day visit to the continent’s biggest economy, five years after her initial tour that followed her appointment.

At that time, Nigeria was emerging from the 2008-09 commodity price collapse and the banking crisis that followed.

In conclusion, on Wednesday, she said Nigeria had embarked on a new journey while while drawing strength from its assets, richness and diversity of its culture, the ingenuity of its people, and the belief in a better future.

“Today the “Giant of Africa” is walking with a spring in her step—inspiring others in the region and across the world.”

- CAJ News


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