The Department of Economics, University of Lagos, hosted officials of the International Monetary Fund (IMF) at a community interaction forum on Friday, November 15, 2024.
Held at the Academic Publishing Centre, the forum featured presentations by officials at the African Department of the IMF and a robust Question-and-Answer session with participants.
An Economist in the African Department of the IMF, Athene Laws, presented the Regional Economic Outlook for Sub-Saharan Africa, titled: “Reforms amid Great Expectations”. With the presentation, she highlighted the highs and lows of economic performance by countries in the region and their underlying macro-economic factors.
According to Laws, “thanks to policy adjustments, macroeconomic imbalances are gradually adjusting in the Sub-Saharan Africa region with notable improvements in Cote d’Ivoire, Ghana, and Zambia. Growth is expected to pick up modestly in 2025, but the challenges of borrowing costs, which restricts access to much-needed finance, still remains”.
The report projected that, by 2030, half of the world’s new workers will be from Sub-Saharan Africa, hence the imperative for countries in the region to pursue job-creating growth. It acknowledged the noble efforts being made by countries in the region to address the issue of gender inequality, prescribing that closing gender gaps in the workforce could increase the Gross Domestic Product (GDP) of the Sub-Saharan African countries by 30%.
The need for an economic diversification that creates jobs and for the IMF to leverage its influence over African leaders to curb corruption highlighted the Q&A session which followed the presentation.
Courtesy Visit
Led by the Head of Department, Professor Oludiran Akinleye, the IMF team thereafter paid a courtesy visit to the Vice-Chancellor, who was represented by the Deputy Vice-Chancellor (Management Services), Prof. Lucian Chukwu.
Prof. Chukwu welcomed the team to the University of Lagos, introduced them to its many programmes and focus areas, and solicited continuing collaboration between both institutions.
Leader of the IMF team and a Deputy Director in the African Department, Catherine Pattillo, expressed her gratitude for the warm reception and disclosed the readiness of the Fund, through its Nigerian Office, to work with the University of Lagos for the advancement of development goals.
REPORT: ISAIAH KUMUYI
PHOTOGRAPH: ISLAMIAT AKANNI
