Kemi Adeosun, minister of finance, says
Nigeria will overcome its economic challenges “without taking loan facility
from the International Monetary Fund (IMF)”.
According to Festus Akanbi, media aide of Adeosun, the
minister made the remark at the ongoing spring meetings of the IMF-World Bank
in Washington DC in response to why the government has refused to apply for IMF
loans.
Christine Largarde, managing director
of IMF, has advised Nigeria to seek help on its
economy, saying the organisation is willing to assist.
“Our recommendation is that Nigeria seeks help from the international
institutions that can best help… We remain completely available to help,” she
had said.
But Adeosun said the government was already applying a
“cocktail of measures” to address the problems confronting the country at the
moment.
“Nigeria is not sick. The real vulnerability in the Nigerian
economy is over-dependence on a single source of revenue; oil,” the statement
quoted her as saying.
“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 mobilization to enable sufficient investment in
developing the non-oil sectors.
“We have 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.”
Adeosun said with a truly diversified economy the government
would have enabled opportunities for wealth creation that would have flow 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,” she said.
“The great thing is that long term investors recognise 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.”
Source: +thecable ng
