Minister of Finance, Kemi Adeosun says the Federal Government will not obtain any loan from the International Monetary Fund, (IMF) despite the economic challenges the nation is currently facing.
Adeosun made this statement at the ongoing Spring Meetings of the IMF-World Bank in Washington DC.
In a statement through her Media Adviser, Festus Akanbi, the minister said Nigeria was adapting to its new realities by implementing fiscal policies to move the country back on track for stable growth with a diversified economy thereby beaming its searchlight away from oil.
“Nigeria is not sick and even if we are, we have our own local remedy. The real vulnerability in the Nigerian economy is over-dependence on a single source of revenue — oil.
“We have resolved to build resilience into the country’s economy to hedge against future oil shocks. This is because dependence on oil brings about vulnerability and laziness.
“So we are doing a combination of things to diversify our economy, with revenue mobilisation to enable sufficient investment in developing the non-oil sectors.
“We have great opportunities to reset the Nigerian economy and ensure that as we go forward, growth will be in a sustainable manner so that we won’t be vulnerable to oil price fluctuations.”
“The compelling business case in Nigeria is that the fundamentals remain very strong a teeming young, growing population, rich in resources and with a government determined to finally get it right.
She said “The great thing is that long-term investors recognise this and understand the difference between short-term and long-term issues and the case for Nigeria persuades one to plan for the longer term opportunities,”
