Nigeria’s Economy Not Doing Well, Education, Infrastructure Devt May Offer Way Out, Says IMF Boss

International Monetary Fund (IMF) Managing Director Christine Lagarde speaks during a press conference

By Simon Ateba/Washington DC

The Nigerian economy as well as that of South Africa are clearly “not doing well at the moment” but investing in infrastructure and education may offer a way out for African countries in the long term, the Managing Director of the International Monetary Fund said on Thursday.

Mrs. Christine Lagarde, who spoke at a press briefing in Washington DC, said the IMF would be pushing strongly for investments in infrastructure and education, two areas she argued would provide the right tools and knowledge for the development of Africa.

“There has to be a strong push in the area of education so that those young people are equipped for the society of tomorrow,” she said.

Mrs Lagarde said the IMF would be developing and providing technical assistance and building capacity in Africa, in addition to financing infrastructure.

She said some African countries were doing reasonably well while others were not, explaining that Africa should not be considered as a block.

With the African economy growing at about 1.6 percent, its lowest in recent time and with its population expanding at 3 percent, Africa’s growth is negative, said World Bank Chief, Jim Yong Kim.

Globally, Mrs. Lagarde advocated for a three-pronged approach; the monetary policy, fiscal policy and structural demands to put the world economy into good footing.

“By exploiting synergies between these three policies, we can generate more space in order to help the economies and resist those political dynamics that I have referred to,” she said.