In whose interest is Lagarde’s visit?

Christine Lagarde, Managing Director of the International Monetary Fund (IMF), is an amiable woman, who also looks as though she is very bothered with the pitiable state of third world nations.

Her four-day visit to Nigeria was indeed full of excitements and expectations from Nigerians. While here, the French economist gave her candid and sincere advice to Nigerian officials that were expected to bring the country back from the present socio-economic doldrums.

She also, knowingly or otherwise, hit Nigerians below the belt with some of her recommendations. Imagine the IMF boss prompting federal lawmakers to increase tax burden on Nigerians. She reminded us that ours was the lowest value added tax in West African sub-region.

Of course, Ms. Lagarde’s in-depth knowledge of Literature was displayed when she quoted copiously from two Nigerian famous writers, Chinua Achebe and Ben Okri (though it is not clear if she has ever read any piece from them).

She expressed great optimism that Nigeria would rise again. She also promised that a team from her office would soon be in Nigeria to help scrutinise our economic policies.

Some Nigerians may say ‘No’ to her advice on broadening tax system, but any right-thinking person would commend her for the bold statements on blocking leakages. Ms. Lagarde was also point blank when she warned the Federal Government against foreign loans to finance the economy, while she also told Nigerians not to expect immediate improvement of the economy amid fall in the price of crude oil.

In all, there is always reasons for caution anytime an IMF boss choose to visit a country, and this would be Ms. Lagarde’s second visit to Nigeria in four years. IMF’s advice, it had been established world over, are always laced with painful conditionalities. As such, the entire economic blueprint should not be left wholly to be determined by them.