The Managing Director of the International Monetary Fund, Christine Lagarde, has said that Nigeria was under severe economic stress. She made this statement at a farewell symposium for the Governor of the Central Bank of France, Christian Noyer, in Paris.
She said that Nigeria and Cameroon are among countries in the world that are battling with poor economy and slump in oil prices. “Many commodity-exporting emerging and developing economies are under severe stress, and some currencies have already experienced very large depreciations. We have all seen it in Latin America, and I saw it first-hand last week in Nigeria and Cameroon – two countries that are hit hard by lower oil prices and domestic fragilities.
“So, where does this leave economic policy? And what can the other 15 per cent of the global population do for global growth and to help emerging and developing countries adjust to the new global environment?”
The IMF boss called for stronger global financial safety net and a framework for safer capital flows.
Lagarde stated, “I have many times called for economic policy upgrades in our member countries. But beyond putting individual countries’ houses in order, there is more that needs to be done. We need a policy upgrade at the global level.”
By Dike Onwuamaeze