Funds welcomed to help Nigeria diversify economy

Nigerian President Muhammadu-Buhari

Nigerian President Muhammadu-Buhari

From AUGUSTINE OSAYANDE in Abuja, Nigeria
ABUJA, (CAJ News) – NIGERIA president Muhammadu Buhari said his administration would welcome more support from the African Development Bank (AfDB) to help diversify the country’s economy.

These funds would be used for projects in versatile sectors like agriculture that could be explored to create more jobs for unemployed Nigerians.

Buhari stated this late Monday at an audience with the outgoing President of the African Development Bank (AfDB), Dr Donald Kaberuka.

“An impression has been erroneously created that we are a rich country but
looking at the economic profile of the country today, you will see that that is not necessarily the case,” said Buhari.

“Our social services have to be seriously rehabilitated. We need urgent attention on areas like education and health services, not only in the north eastern part of the country, but all round the country.”

He said Nigeria would fall back on institutions like the AfDB for support in generating employment.

“We have vast potentials in the agricultural sector that can be explored to create more jobs. We also have small businesses that need funds for expansion,” Buhari said.

In his reaction, the outgoing AfDB executive said some development institutions like the World Bank, German Development Bank and the European Development Bank had already indicated their readiness to provide long term loan facilities to small businesses in Nigeria.

Kaberuka assured the President that the AfDB would always support economic projects in Nigeria.

The AfDB currently has a strong capital base of US$4.8 billion.

Meanwhile, Dr Akinwunmi Adesina of Nigeria will replace the outgoing AfDB President next month.

CAJ News

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Posted by on Aug 11 2015. Filed under Africa & World, Featured, Finance, Finance & Banking. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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