IMF: Uba Sani harps on Nigeria’s place in global economic outlook

Senator representing Kaduna Central, Uba Sani, on Tuesday at this year’s International Monetary Fund World Economic Outlook session, harped on the role of Nigeria on the new global economic outlook.

He said part of Nigeria’s economic priorities would be placed more on agriculture and manufacturing sectors, with potential for a major boost to job creation.

The session, according to the Senator, focused on Strengthening Financial System Stability and some of the emerging ways to build a more resilient financial system.

Senator Sani said the speakers discussed policy options that could help build financial system buffers, reduce spillovers, and prevent potential shocks to the global financial system.

“This topic is particularly useful in the Nigeria context as we work to maintain oversight on the actions of regulators and operators that deal with our financial institutions,” he said.

According to World Economic Focus report, the pace of global economic activity has remained weak in the last third quarter of 2018.

Accordingly, the report says, momentum in manufacturing activity, in particular, has weakened substantially, to levels not seen since the global financial crisis.

“Rising trade and geopolitical tensions have increased uncertainty about the future of the global trading system and international cooperation more generally, taking a toll on business confidence, investment decisions, and global trade.

“A notable shift toward increased monetary policy accommodation—through both action and communication—has cushioned the impact of these tensions on financial market sentiment and activity, while a generally resilient service sector has supported employment growth,” the report say.