Nigeria: IMF Chief Applauds Anti-corruption Efforts, Urges Diversification

International Monetary Fund Managing (IMF) Director Christine Lagarde (C) is escorted by Nigeria's Finance Minister Kemi Adeosun (L) and Nigeria's Central Bank Governor Godwin Emefiele (2nd R) upon arriving at the Nnamdi Azikiwe International Airport in Abuja, Nigeria, January 4, 2016. REUTERS/IMF Staff Photo/Stephen Jaffe/HandoutA

International Monetary Fund Managing (IMF) Director Christine Lagarde (C) is escorted by Nigeria's Finance Minister Kemi Adeosun (L) and Nigeria's Central Bank Governor Godwin Emefiele (2nd R) upon arriving at the Nnamdi Azikiwe International Airport in Abuja, Nigeria, January 4, 2016. REUTERS/IMF Staff Photo/Stephen Jaffe/HandoutA

The head of the International Monetary Fund (IMF) has recently endorsed Nigeria’s efforts to tackle corruption, while stating that the country needs to reduce its reliance on oil by the diversification of the economy.
Speaking after talks with President Muhammadu Buhari, IMF Managing Director Christine Lagarde also said she was not in Nigeria to negotiate a loan.
She backed what she called Buhari’s “very important” fight against corruption and said the president’s reform push could have a positive impact across West Africa.
“His determination to bring about transparency and accountability at all levels of the economy were very important agenda items and very ambitious goals that need to be delivered upon”, Lagarde said.
The IMF Chief also pointed that the challenges posed by the falling oil price and the need for fiscal discipline.
“The short term fiscal situation… requires that revenue sources be identified in order to compensate the shortfall resulting from the oil price decline,” the IMF head added.

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