05 January 2016•Update: 06 January 2016
LAGOS, Nigeria
The Nigerian government must "identify revenue sources that can reduce the effect of the fall in oil prices," International Monetary Fund Managing Director Christine Lagarde told the press on Tuesday.
Speaking at a press conference after meeting with Nigerian President Muhammadu Buhari in Abjua, Lagarde said that the focus of her visit was to discuss "fiscal discipline, financing and monetary policy" with her Nigerian hosts.
Lagarde said that she is not in Nigeria to discuss possibility of negotiating any loan facility for the country, adding however that the financial institution is willing to offer Abuja some advice about broadening its revenue base to make the country less dependent on oil, which currently consitutes 95 percent of exports.
"Given the determination and resilience displayed by the President. I don't think an IMF Program is needed," Lagarde said.
"We discussed the challenges ahead, stemming from the oil price reduction, the necessity to apply fiscal discipline and the need to respond to the population needs," the IMF managing director said, adding that the body would be "happy to provide some technical assistance" to Nigeria.
She said a team of IMF experts would arrive Abuja next week to begin "Article IV consultations--" these involve a full review of the country's economy and policies.
Lagarde is expected to also meet with top Nigerian parliamentarians, businessmen and members of the civil society.
This is Lagarde's second visit to Nigeria since she became IMF chief in 2011.
