The International Monetary Fund (IMF) has urged Nigeria and other leading African economies to intensify fiscal, monetary and governance reforms to strengthen economic stability and promote broader-based growth.
The recommendation was contained in the IMF’s latest assessment of reform priorities across the African Union’s eight largest economies.
According to the IMF, fiscal reform remains a major priority for almost all the economies assessed, with Nigeria requiring further improvements in tax policy, revenue collection, public financial management and the efficiency of government spending.
The Fund also identified stronger monetary policy frameworks and transmission mechanisms as key priorities for Nigeria, Egypt and Ethiopia. For Nigeria, the IMF said governance reforms should focus on improving fiscal transparency, strengthening public financial management and enhancing anti-corruption measures.
The Fund said implementing the recommendations would help countries mobilise more domestic revenue and build stronger economic institutions capable of supporting sustainable and inclusive growth. Nigeria is currently implementing a broad tax reform programme aimed at simplifying the tax system, expanding the revenue base and improving compliance.
