The International Monetary Fund (IMF) has called on Nigeria to expand its tax revenue base to enhance its fiscal policies.
IMF Managing Director, Kristalina Georgieva, made this statement in Washington, D.C., during the 2025 IMF Spring Meetings. She emphasized that Nigeria, like many other African nations, needs to leverage technology and combat tax evasion to improve revenue generation.
Georgieva noted that declining oil prices have placed additional strain on the budgets of oil-dependent economies such as Nigeria.
Addressing monetary policy, she urged African nations to fight corruption, increase transparency, and implement strategies tailored to their unique economic conditions.
“We’re no longer in a time where one can simply replicate the monetary policies of neighboring central banks,” she said. “Each country must assess its own domestic resource mobilization, inflationary pressures, and adopt policies that best suit its economy.”
The IMF chief also encouraged the continent to enhance regional trade by removing existing barriers. She pointed to the Association of Southeast Asian Nations (ASEAN) as a model for deepening interregional trade and cooperation.
“Infrastructure can sometimes be a hindrance, but the World Bank is actively working to address these challenges to boost growth and trade,” Georgieva added.
She highlighted Africa’s vast potential, citing its rich natural resources, minerals, and youthful population. Countries like Nigeria, Egypt, Ghana, and Côte d’Ivoire, she advised, should continue efforts to strengthen their economic buffers.
“I believe a more integrated and collaborative Africa has the potential to emerge as a global economic powerhouse,” she concluded.
Georgieva also discussed the broader effects of global tariffs, stating that while the direct impact on African nations may be limited, the indirect consequences especially in a slow-growing global economy are substantial.
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