WORLD NEWS: NIGERIA - IMF rates Nigeria’s economy high

Regardless its prevailing economic crunch, the International Monetary Fund (IMF) yesterday, rated Nigeria’s economy high in the emerging market segment.

Speaking after meeting with bank executives and the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, in Abuja, Managing Director of the Fund, Ms Christine Largade, advised the Federal Government to put solid economic measures in place to strengthen the financial sector and to channel more resources to grow the real sector of the economy and the Small and Medium Enterprises (SMEs).

She disclosed that the IMF has had a series of meetings with the representatives of the banking industry and came out with strategic mechanism for sustaining the nation’s banking sector.

“This morning I have been with the CBN governor. I have also been having series of meetings with representatives of the banking industry and we have assured ourselves of a strategic defence on how to sustain the banking sector. We also have discussed on how the financial sector can help contribute in financing the economy and support small and medium scale business and development in Nigeria,” she noted, insisting that the financial sector is still strong while advising that the Bureau de Change (BDC) operation should be improved upon.

In his remarks, the CBN Governor, Emefiele, commended the IMF for visiting Nigeria and the apex bank, adding that during the meeting with Largade, both the CBN and IMF had very fruitful discussions on how it could support the real sector and SMEs in Nigeria.

“Indeed, the banks themselves have promised to do better in this regard, notwith­standing some of the challenges we are presently facing,” Emefiele said.

Lagarde also visited Mother Theresa Orphanage Home in Gwarinpa, Abuja, where she donated $250,000 (N49.25 million) to help cushion the expenses of the home.

Speaking while making the donation, the IMF boss expressed her deep feeling for the children and called on privileged Nigerians to come to the aid of the less privileged in the country.

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