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World Bank Chief denies forcing devaluation on Nigeria, endorses anti-corruption war
Christine Lagarde with President BUhari

World Bank Chief denies forcing devaluation on Nigeria, endorses anti-corruption war

The Managing Director of World Bank, Christine Lagarde has stated that she is not in the country to force Nigeria to devalue its currency or implement austerity measures even as she endorsed the anti-corruption war of President Muhammadu Buhari

Speaking to correspondents after meeting with the President in Abuja she noted that she was in Nigeria to negotiate any loans and urged Nigeria to reduce its reliance on oil, sharp falls in the price of which have crippled its economy.

She backed what she called Buhari’s “very important” fight against corruption and said the president’s reform push could have a positive impact across West Africa.

“His determination to bring about transparency and accountability at all levels of the economy were very important agenda items and very ambitious goals that need to be delivered upon,”

Lagarde said she and Buhari discussed the challenges posed by the falling oil price and the need for fiscal discipline.

“The short term fiscal situation… requires that revenue sources be identified in order to compensate the shortfall resulting from the oil price decline,” the IMF head stated..

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