The Tinubu Media Support Group (TMSG) has described the just-ended annual meetings of the International Monetary Fund (IMF) and World Bank as another spectacular global showcase of Nigeria’s new economic standing under President Bola Tinubu.
In a statement signed by its Chairman, Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG said that it afforded the Nigerian delegation ample opportunity to justify renewed investor confidence in the economy.
The statement reads : “The just concluded IMF/World Bank annual meetings, usually held in October, are the third in the life of the President Bola Tinubu administration, but they also provided members of the economic team ample opportunity to present a scorecard on how the country had fared since the last meeting.
”It was great hearing the Central Bank Governor, Mr Olayemi Cardoso, provide profound insight into the huge progress Nigeria has so far made, including how headline inflation declined for the sixth consecutive month in September when it fell to 18.02% -its lowest in three years.
”He also informed the global audience, including prospective investors, of the stability in the foreign exchange market, with the gap between official and parallel market rates narrowing to under 2% as the naira continues to appreciate.
”On monetary policy, Cardoso was emphatic on the return to economic stability when he declared, ‘We’ve restored orthodoxy.
“We are focused on transparency, market signals, and long-term confidence. And it’s delivering.
”We are also aware that another member of the delegation, the minister of state for finance, Doris Uzoka-Anite, used the opportunity to point out that with the GDP for Q2 2025 hitting 4.23%, the Nigerian economy is now outpacing the population growth rate for the first time in recent years.
”The summary of the position of the Nigerian team at the IMF/World Bank meetings was that the ongoing economic reforms have placed the country on the path to stability, inclusiveness and sustainable growth.
”And not surprisingly, the IMF had great things to say about the economic reforms at the launch of its World Economic Outlook (WEO) when it announced that Nigeria’s GDP growth projection had been revised upward significantly.
”We note that the Fund upgraded its growth rate projection for 2025 by 0.5 percentage points to 3.9% while raising its 2026 growth projection by 0.9 percentage points to 4.2%.
”If we add all these to how the IMF revised its 2024 projection to 4.1%, up by 0.7 percentage points from earlier forecasts, it becomes more obvious that the Nigerian economy is doing better than previously projected.
”We have no doubt that Nigeria will once again exceed the expectations of the IMF by the end of the year, like it did in 2024
“We, however, look forward to seeing the gains of the multiple reforms translating into social impact sooner than expected.
”This is because social protection is at the heart of the Tinubu administration’s Renewed Hope Agenda, which has seen the government pay more attention to healthcare, especially at the basic level, education and reducing poverty.”
While expressing hope that the economic team would work hard to maintain its winning streak in the months ahead, it urged Nigerians to trust in the capacity of the administration to ensure that they feel the impact of sustainable economic growth.
(vitalnewsngr.com)
