IFC Lauds FG’s Economic Reforms, IMF Calls for Marshall Plan for Power Sector

The International Finance Corporation (IFC) and the International Monetary Fund (IMF) have praised the Nigerian government, led by President Bola Tinubu, for its economic reforms. The IMF called for a "Marshall Plan" for the power sector to attract investment and create job opportunities.

The IFC commended the administration for implementing structural reforms that have made Nigeria an attractive investment destination, leading to macroeconomic stability, reduced inflation, and foreign exchange market stability. The IMF and IFC urged the government to continue on this path without backsliding.

The government was encouraged to attract big auto manufacturers to set up plants in Nigeria, with the potential to create 780,000 jobs. The IMF highlighted the need for more foreign direct investment in productive sectors like manufacturing and agriculture, as well as improvements in the power sector and security to boost economic growth and reduce poverty.