IMF’s prescription for Nigeria

The International Monetary Fund wants Nigeria to remove foreign exchange restrictions in a raft of recommendations to address Nigeria’s deteriorating economic situation.

In a communique following last December’s visit to the country, the global lender lists financial discipline, reducing external imbalances, improving efficiency of the banking sector and structural reforms to enhance competitiveness as priority areas the country must address if it is to turn its economic situation around.

The IMF also recommends adopting sound laws for the petroleum industry that would include anti money laundering laws.

The country should also focus on “doing more with less” to improve the efficiency of public sector delivery and create an environment to attract investment.