The Federal Government Monday debunked speculations that the ongoing economic reforms in Nigeria, particularly the planned removal of fuel subsidy and the deregulation of the downstream sector of the petroleum industry, were being dictated by the International Monetary Fund (IMF) and the World Bank. The clarification came even as the Fund admitted that its earlier method of designing and imposing economic policies on countries was a mistake. Co-ordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, made the clarification yesterday when she led a delegation comprising the Fund’s Managing Director,
Ms Christine Lagarde, and the Governor of the Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi, on a visit to the House of Representatives.
Apparently responding to recent criticisms on the root of the ongoing economic reforms in Nigeria, Okonjo-Iweala said that contrary to the belief in some quarters, the country was not implementing any programme initiated by IMF but was rather partnering the organisation like other countries who desire economic growth and global competitiveness. She explained that the IMF had changed its operational modalities over the years and had become more of a partner helping countries to develop solutions to their peculiar economic challenges.