Central Bank of Nigeria Governor Olayemi Cardoso said on a World Bank/IMF panel in Bangkok that the fiscal crisis forced policymakers to be creative in revenue generation and stabilisation. He said that when the new administration took office, external reserves had dropped to about $3 billion and the country owed about $7 billion in sundry obligations, and orthodox monetary policy helped repay debt and stabilise the economy. He argued that reliance on oil revenue was unsustainable, so the CBN looked to the diaspora and international remittances to ease capital flow and is now focused on value addition, citing the Dangote Refinery. Gross external reserves now stand at $55.1 billion and net reserves at about $46 billion. The debate, which featured IMF Managing Director Kristalina Georgieva and Kyriakos Pierrakakis, Minister of Economy and Finance of the Hellenic Republic, explored how economies can stay resilient amid a fragmented global landscape.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Nigeria Fiscal Crisis Forced Us to Be Creative , Look Beyond Oil Revenues - Cardoso
Read the original on allafrica.com ↗
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