The Managing Director of the International Monetary Fund (IMF), Christine Lagarde on Tuesday stressed the need for Nigeria and other African countries to ensure that they diversify their economies in other to be able to withstand shocks.
Lagarde stated this in a paper titled: “Harnessing the Power of Economic Diversification,” she presented in Cotonou. She said promoting economic diversification was akin to weaving a beautiful traditional fabric as well as weaving an economic fabric that is more complex, more resilient, and more beneficial to all families and communities.
She noted that by improving policies and strengthening institutions, governments in sub-Saharan Africa have contributed to fundamental progress over the past generation. “Many countries have enjoyed much longer periods of uninterrupted growth, rather than episodes of boom and bust. And millions of people now enjoy longer, healthier, and more prosperous lives.