The Nigerian government must “identify revenue sources that can reduce the effect of the fall in oil prices,” International Monetary Fund Managing Director Christine Lagarde told the press on Tuesday.

Speaking at a press conference after meeting with Nigerian President Muhammadu Buhari in Abuja, Lagarde said that the focus of her visit was to discuss “fiscal discipline, financing and monetary policy” with her Nigerian hosts.

Lagarde said that she is not in Nigeria to discuss possibility of negotiating any loan facility for the country, adding however that the financial institution is willing to offer Abuja some advice about broadening its revenue base to make the country less dependent on oil, which currently constitutes 95 percent of exports.

“Given the determination and resilience displayed by the President. I don’t think an IMF Program is needed,” Lagarde said.

“We discussed the challenges ahead, stemming from the oil price reduction, the necessity to apply fiscal discipline and the need to respond to the population needs,” the IMF managing director said, adding that the body would be “happy to provide some technical assistance” to Nigeria.

She said a team of IMF experts would arrive Abuja next week to begin “Article IV consultations – these involve a full review of the country’s economy and policies.”

Lagarde later tweeted: “Just met President Buhari of Nigeria. Impressed with government’s response to challenge of sustained, low oil prices.”

The IMF boss is expected to also meet with top Nigerian parliamentarians, businessmen and members of the civil society in what is her second visit to Nigeria since she became IMF chief in 2011.

•Largely based on an Anadolu Agency report. Photo shows President Buhari and Ms. Lagarde exchanging pleasantries . . . today at the Presidential Villa, Abuja.

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