IMF Approves Of Nigeria’s Response To Declining Oil Prices

The International Monetary Fund (IMF) has applauded Nigeria’s response to the declining prices of oil just as African finance ministers expressed concern that the slow growth of the Chinese economy will impact negatively on many African countries, ThisDay reported.

The IMF  Managing  Director, Christine Lagarde, commended Nigeria’s strategic response to the oil price slide. She said: “As  one of the seven oil-producing nations in the African region affected by the revenue loss, Nigeria’s response was commendable”.

Since the middle of last year, the country  and other Organisation of Petroleum Exporting Countries (OPEC) have suffered over 50 per cent loss in revenue.

The source said: “In a bid to manage the development, the federal government rolled out a cocktail of belt-tightening measures aimed at minimising the vulnerability arising from the attendant revenue losses from oil exports. Such measures include surcharges on some luxury consumption, reduction in overseas trainings by government officials, voluntary cut in National Assembly budget, salaries of President Goodluck Jonathan and other top government functionaries as well as State House budget.”

African  finance ministers participating at the ongoing  meetings have rued over the impact of the slow growth rate of China’s economy on the continent.

China, which  has become a major player in Africa’s economy in the last few years, has seen  its growth  at its slowest pace in three years as investment slowed and demand fell in key markets.

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