The International Monetary Fund (IMF) has called on Nigeria to expand its tax revenue base as a critical step toward strengthening the country’s fiscal policy. This appeal was made by the IMF’s Managing Director, Kristalina Georgieva, during a press briefing in Washington, D.C., on the sidelines of the 2025 IMF Spring Meeting.

Georgieva emphasized the need for Nigeria and other African nations to leverage technology in order to reduce tax evasion and improve revenue collection. She highlighted that the ongoing decline in global oil prices has increased fiscal pressure on oil-dependent countries like Nigeria, making it essential to diversify revenue sources beyond oil.

In her remarks on monetary policy, Georgieva urged African governments to focus on fighting corruption, promoting transparency, and adopting economic policies that are tailored to their unique domestic situations. She warned against simply copying monetary strategies from neighboring countries, stressing that each nation must assess its own inflationary trends and resource mobilization capabilities to determine appropriate policy responses.

Furthermore, the IMF chief encouraged African countries to deepen regional trade integration and eliminate barriers that hinder intra-African commerce. She pointed to the success of the Association of Southeast Asian Nations (ASEAN) as a model that Africa could emulate to boost trade and economic cooperation within the continent.

Georgieva also noted that infrastructural challenges continue to limit Africa’s growth potential, but institutions like the World Bank are actively working to address these issues and facilitate smoother trade routes and economic development.

Highlighting the continent’s abundant resources—including minerals, natural wealth, and a growing youth population—Georgieva expressed confidence that a more collaborative and unified Africa could emerge as a global economic force.

She concluded by addressing the indirect impact of global tariffs on African economies, noting that while direct effects may be minimal, the broader consequences—especially amid a sluggish global economy—are significant and should not be overlooked.