The International Monetary Fund, IMF, has urged Nigeria to expand its tax base and intensify efforts to curb tax evasion in order to strengthen its economy.
IMF Managing Director Kristalina Georgieva made the call during a press briefing in Washington D.C. on the sidelines of the 2025 IMF Spring Meeting.
She said Nigeria, like other African countries, must adopt technology-driven tax systems and curb evasion to enhance domestic revenue generation.
Georgieva noted that with global oil prices dropping, nations dependent on oil exports, including Nigeria, face increasing fiscal pressure.
She advised African governments to create robust fiscal buffers, saying this will help them weather economic shocks and fund development efforts.
On monetary policy, Georgieva emphasized the importance of tailored strategies over copycat models from neighboring central banks.
“You must assess your domestic conditions, such as inflation and resource needs, and do what works best for your economy,” she stated.
The IMF boss also stressed the need to address corruption and increase transparency to strengthen governance and investor confidence.
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She encouraged African countries to deepen regional trade by removing infrastructure barriers and harmonizing policies across borders.
Georgieva referenced the Association of Southeast Asian Nations as a model of economic collaboration that Africa can learn from.
She said the World Bank is working with African countries to tackle infrastructure gaps that hinder trade and economic growth.
“A more unified, collaborative Africa can emerge as an economic powerhouse,” she said, pointing to the continent’s natural wealth and youthful population.
Georgieva also spoke on global tariff tensions, highlighting their indirect impact on African economies, particularly amid slow global growth.
She urged Nigeria, Ghana, Côte d’Ivoire, and Egypt to focus on internal resilience by strengthening fiscal management and building economic buffers.
The IMF reiterated its support for African nations striving to create stable, self-sustaining economies through policy reforms and regional cooperation.
NAN
