Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, says domestic revenue mobilisation is a critical component of Nigeria’s long-term path to sustainable development finance.He said that the notion was the outcome of the various discussions the Nigeria delegation to the meetings had with institutions such as the International Monetary and Finance Committee , the International Finance Corporation, the Islamic Development Bank and the British Government.
“In addition, during various plenary and bilateral meetings including World Bank, IFC, ERBD and International banks, we were encouraged that our reform efforts are being globally acknowledged and applauded.“We emphasised access to investment capital, particularly from the private sector and at a large scale; as well as the need to support private sector development,” he said.
“At this week’s meeting, the IMF announced that for the second successive year, regional economic output will fall to 3.3 per cent in 2023 from four per cent in 2022.“Economic growth remains slow and uneven overall, and this is due to a series of unprecedented shocks, significant conflicts in numerous locations globally and slow international demand following the COVID-19 pandemic.
The minister said that fiscal consolidation remained the preferred policy option for many countries, so that buffers could be built after long years of stimulus.