The International Monetary Fund (IMF) says Nigeria’s window for bold reforms is gradually closing, and the country needs coherent and credible policies before 2019 elections.
“On Nigeria, it is currently facing a challenging outlook. As we have said before, the authorities have initiated some measures, but more remains to be done,” Gerry Rice, IMF director of communications, said at a press conference in Washington.
“Urgency is needed in implementing a coherent and credible package of monetary, fiscal and structural policies as the window for bold reforms is closing as the 2019 elections are approaching fast.”
Rice confirmed that Kemi Adeosun, the minister of finance, Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), or any other government official, has not approached the IMF for a loan.
He said the fund is however providing technical assistance for Nigeria and is willing and ready to help, if the need arises.
“It is true the Nigerian authorities have not approached the IMF for a programme, as such, there are no discussion, negotiations going on, regarding a programme with Nigeria,” he adds.
“As we have said before, the fund continues to render technical support and we stand ready to help, should the country make a request for financial assistance”.
The IMF said it would conclude its “Article IV Consultations” with Nigeria in March 2017, and would give an update on the global economy at its Spring meeting, scheduled for April, 2017in Washington.