Christine Lagarde, managing director of the International Monetary Fund (IMF), says Nigeria’s economic situation is alarming, calling for a flexible exchange rate regime.
Speaking on the World Bank/IMF special edition of BBC’s HardTalk anchored by Stephen Sackur, Lagarde said Nigeria has huge potential, especially in her youth.
Largade maintained that IMF was ready to help Nigeria, appealing to President Muhammadu Buhari to take steps to move in the direction of “flexible exchange rate”.
“We are not suggesting that flexible exchange rate is the panacea in all cases, but in this particular instance, we believe that it would help,” she said.
“I know it is going to be difficult, and we very much hope that the Nigerian government under the leadership of President Buhari will be able to distinguish the value of moving in that direction, rather than causing the circumstances that can precipitate, a much more difficult decision making process at some stage.
“We remain completely available to help, we believe that it is doable, it can be address.”
She described Nigeria as a great country with huge potential, but decried the current economic situation.
“Nigeriai has very strong resourceful and great people. The right policy mix is needed, which include, in our view, flexible exchange rate,” she said.
“Nigeria is one of those countries where there’s huge potential, fantastic youth but also a very alarming economic situation. It is heavily dependent on the oil resources.
“Both in terms of fiscal revenue and exports. As a result of that, we have gone public and actually gone to the senate of Nigeria to explain our views, we believe that a more flexible exchange rate is in the interest of the Nigerian population.
“If that doesn’t happen, we would continue to see the dual exchange rate, and putting in place a list of those product and services that are forbidden in Nigeria for import purposes, cannot be a substitute to a more flexible exchange rate.”
EdemAya, a community so rich in mineral resources, and one of the five clans that make up the present day Ikot Abasi Local Government Area of Akwa Ibom State, Nigeria is hosting the world on the 29 th of March 2013. As we gathered from the head of the organizing group, Miss Precious Dominic Akpan, the event is scheduled to take place at the Cooperative Hall, Ikot Ubo Akama, Edemaya in Ikot Abasi, Akwa Ibom State. Three beauties are to emerge from the event which promises to be the first ever organized pageant. The Eligibility Form which are currently on sale for a token of N 2,000 will qualify the contestants to struggle for Miss EdemAya, Miss Democracy of EdemAya and Miss Culture & Tourism of EdemAya. The screening and training of the contestants commences on 25 th through 28 th of March 2013. We have been reliably informed that the event will parade ‘who is who’ in the music industry in Akwa Ibom State and a popular reggae artist from Delta State. Imagine the sque...
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