Emmanuel OchayiThe International Monetary Fund (IMF) and World Bank have lauded the Central Bank of Nigeria’s decision to lift restrictions on 43 items banned from accessing foreign exchange through official channels.
Speaking at the ongoing IMF/World Bank Annual meetings in Marrakech, Morocco, the IMF’s Director of the African Department, Abebe Aemro Selassie, revealed the organisation’s approval of this move. He emphasized that large economies like Nigeria should rely on fiscal and monetary policy levers instead of import restrictions to manage their modern economies.
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Selassie also highlighted the need for enhanced tax reforms to boost revenue generation, create fiscal space, and reduce the debt burden. When questioned about Nigeria’s debt, he assured that it was manageable, stressing the importance of considering how debt relates to economic variables rather than nominal values.
World Bank President, Ajay Banga, delivered a speech during the meetings where he applauded the ingenuity of Nigerian entrepreneurs, acknowledging their desire to contribute to society’s growth. He expressed optimism about the world’s ability to overcome challenges but emphasized the need for a new vision and mission for the World Bank: “To create a world free of poverty – on a liveable planet.”
Banga pointed out that global economic growth was retreating, with increasing poverty and debt in emerging markets. He urged the international community to find ways to finance a different world where climate is protected, pandemics are manageable, food is abundant, and poverty is defeated.
These comments at the IMF/World Bank meetings reflect a renewed focus on policy reforms and entrepreneurial potential in Nigeria, signaling an evolving approach to economic challenges in the region.
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