First Deputy Managing Director at the International Monetary Fund (IMF), Prof. Gita Gopinath, interacted with staff and students of the Faculty of Social Sciences, University of Lagos on Tuesday, March 4, 2025 in a Fireside Chat that was well-attended.
At the Faculty of Social Sciences Lecture Theatre, venue of the conversation, Prof. Gopinath addressed a number of questions that bordered on the nature of the global economy, challenges and prospects of the transition to clean energy, disruptive technologies and the future of work, and the perception of the IMF in emerging economies like Nigeria.
Low Growth, High Debt Levels
She described the global economy as being in a “low-growth zone”, indicating that it is the greatest concern of the financial institution.
“The IMF’s greatest concern about the global economy is that it is in a low-growth zone. There is a lot of divergence among world economies, with countries respectively doing way beyond and below expectation. There’s also the reality of high debt levels compared to low growth. It’s going to be a challenge that will be with us for a while.”
Alternative Revenue Sources
On the reconciliation of growth aspiration of countries with the global transition to clean energy, Prof. Gopinath urged “emerging economies like Nigeria that depend on fossil energy sources for export earnings to build resilience and diversify export earning sources”. She identified services, manufacturing, and exploration of minerals that are amenable to the green transition as alternative sources of export revenues.
Perception of the IMF
On how the IMF is perceived by developing countries, Prof. Gopinath admitted that the financial institution is conscious of the way its policy recommendations impact on the people on the ground. She disclosed that the organisation has evolved over the years and that, now, it places emphasis on recommending the creation of social safety nets to countries as they implement policy recommendations.
The Future of Work
As for the future of work in the age of disruptive technologies, Prof. Gopinath admitted that “over 40% of jobs in the world are exposed to Artificial Intelligence (AI). It is therefore important for emerging economies to develop their digital infrastructure and the skill set of their peoples in order to benefit from emerging technologies like AI, because the transformation that AI brings is going to be faster and more disruptive than the one which came before.”
The former Chief Economist of the IMF advised undergraduates to “make the best of everyday” and “to put yourselves forward”. She encouraged them to believe in themselves and aim for the best that the opportunities that surround them have to offer.
“I never thought of being a Professor at Harvard and working at the IMF. All I did was make the best of everyday. You can start from anywhere and make the absolute best of the opportunities you have been given”, she said.
Appreciation
Dean of the Faculty of Social Sciences, Prof. Adelaja Odukoya represented the Vice-Chancellor at the event. He appreciated Prof. Goti Gopinath for including UNILAG in her itinerary of Nigeria, which she was visiting for the first time.
He commended the Department of Economics led by Prof. Oludiran Akinleye for hosting the event, thus exposing students of the faculty to global perspectives that can influence their career trajectories positively.
Courtesy Visit
Thereafter, the IMF contingent paid a courtesy visit to the Senate House office of the Vice-Chancellor, Professor Folasade Ogunsola, OON, FAS.
The Vice-Chancellor received Prof. Gopinath with delight, and introduced her to the University’s development agenda and re-positioning of staff and students to grow capacities for addressing the pressing challenges of the time.
The IMF chief, in return, expressed admiration for the no-barrier disposition of the University of Lagos, as evident in the representation of females in its leadership cadre. She promised continuing collaboration with UNILAG.
