Economy News Extra

IMF Urges Nigeria On Investment-Friendly Monetary, Fiscal Policies

…says Nigeria still remains investor’s destination

International Monetary Fund (IMF) yesterday advised monetary and regulatory authorities in Nigeria to roll out policies that would bring down inflation rate and increase access to domestic funds in order to ensure that the economy attains further growth in 2018.

Making the call during a visit of IMF Team to the Securities and Exchange Commission (SEC) in Abuja, the Senior Financial Sector Expert, Debt and Capital Market Instruments Division, Monetary and Capital Markets Department, International Monetary Fund (IMF), Miriam Tamene, said that despite some of its challenges, Nigeria remained an investor’s destination.

She disclosed that at the last IMF Meetings, the Fund was surprised to receive numerous indications of interest by investors eager to invest in Nigeria, adding, however, that many of them still have the fear that they might not be able to repatriate such investment if they decide to leave the country.

Tamene clarified: “At the Annual meetings of IMF, we were pleasantly surprised when we saw many investors interested in the Securities Market in Nigeria.  A lot of people thought that Nigeria is still investors destination, the main concerns most of them had was the fear that they might not be able to take out their money anytime they want to hence they are being very watchful”

“Investors are interested in Nigeria, but with difficulties they had in getting their money out recently, that confidence is not there yet. It has improved though, but they are still watching. It is still so much fragile and not what they can take for granted just ye” she added.

Commenting on the issues raised by the IMF leader, Acting Director General of SEC, Dr. Abdul Zubair, said the future outlook appeared good for the country as several initiatives had been embarked upon by the Commission which will help to grow the capital market and increase investors’ confidence.

He explained that in the long term more measures would be undertaken to ensure that the Nigerian capital market remains one of the best performing investment bourses globally.

The IMF Team was in Nigeria for consultations with a view to get updated on developments covering all the financial and other key sectors of the Nigerian economy.

The report of their consultations and findings is expected to be presented to the IMF Board next February.

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