Africa needs AfDB to mobilise resources, says Nigeria's finance minister

African economies to grow globally in 2018 (AfDB)

More specifically, I thank the President and Board of Directors of the African Development Bank, for their support to Nigeria at a very hard time during the 2015/16 economic recession.

The African Development Bank has revised previous estimates by more than 30% in its African Economic Outlook report for this year.

He said the country would be strong and committed partner which it has already demonstrated by supporting the establishment of the $500 million Nigeria trust fund in 1976.

He described the building as an important symbol of the special relationship between the Bank and Nigeria - a founding member and the largest shareholder of the Bank since its inception in 1964.

The AfDB was there for Nigeria when the country faced economic downturn from the recession.

He also highlighted the relatively unknown win-win situation that Africa's industrialisation can generate within the developed world, citing data from the report, which notes that "increasing the share of manufacturing in GDP in Africa (and other less developing countries) could boost investment in the G20 by about $485-billion and household consumption by about $1,4-trillion".

And since 1971, the Nigeria Country Office has served as an important convening point between the Bank, the Federal and State Governments, and the private sector.

The AFDB loan is meant to support government programs that aim to achieve social and economic development by creating new jobs and improving the business environment, according to the Ministry of Investment and International Cooperation.




"These include: support for youths in agriculture, SMEs, and the financial sector".

Praising the bank for its support, he acknowledged the approved the budget support loan of US$1 billion in November 2016.

Meanwhile, AfDB has condemned what it referred to as ' an unacceptably' high level of poverty in Nigeria saying most of the country's population now live below $2 a day as poverty has grown up to nearly 80 per cent of Nigeria's population as at last year.The bank's declaration is contained in its Regional Country Report for 2018 launched yesterday.

She said that the programmes of High Five's favoured pro-poor growth and inclusive development, both of which were desperately needed on the continent.

The President of the African Development Bank, Akinwumi Adesina, thanked the Government of Nigeria for its very strong support.

Area where the balance of the $400 million would be deployed once disbursed is in the North East region where he said some 10 million people are struggling to return to normal life following the devastating displacement by the activities of Boko Haram.

The new building is the first ever permanent office building outside the African Development Bank's headquarters in Abidjan, Cote d'Ivoire. Nigeria's economy needs to grow at double digit rates to drive down poverty and create a massive number of jobs.

"The African Development Bank has proved to be quite dependable in the Nigeria's ongoing economic reforms and also ticks all the right boxes of strengthening our recovery efforts".

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