Nigeria yet to minimise wasteful spending, excessive borrowing
Rafsanjani made the remarks on Thursday during the 2025 Spring Meetings of the International Monetary Fund (IMF) in Washington D.C.
He stressed that corruption continues to inflict severe damage on Nigeria's ability to attract Foreign Direct Investment (FDI), and has contributed significantly to the country's economic woes.
'There are a number of issues raised here that affect Third World countries like Nigeria, particularly in terms of economic challenges and policy implementation,' Rafsanjani said.
While acknowledging the broader global economic difficulties, he urged the Nigerian government to critically reassess its existing policies and programmes, stating that only meaningful reforms will improve the living conditions of the populace.
'The Nigerian Government has not minimised wasteful spending and excessive borrowing. More importantly, it has not effectively tackled corruption and the issue of illicit financial flows.
'If we block leakages and promote industrialisation, we should be able to witness real economic transformation,' he added.
He further noted: 'Our economy remains overly dependent on the oil sector, which itself is not being harnessed in a productive and sustainable manner.
'There are global challenges, no doubt, but Nigeria must take deeper reflections on its policies and governance models. The current policies require serious reforms, and this can only be achieved with the right leadership.'
Rafsanjani concluded by urging Nigerian authorities to prioritise economic transparency, accountability, and inclusive development.
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