Fidelity bank banner Bayelsa State banner
AfDB President passes vote of confidence on Nigeria’s economy; says country not in debt crisis, not falling apart

By News Express on 27/09/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 2,890


The President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has said that Nigeria is not in debt crisis but only facing “a liquidity problem.”

Adesina made the clarification while addressing State House Correspondents after a delegation of the bank met with Vice President Yemi Osinbajo and the Economic Management Team (EMT) in Abuja on Monday.

He said that although the country is facing tough times, it is not falling apart as is being feared in some quarters.

“We are here to provide very strong support for the Nigerian government.

“And let me just say that Nigeria has tough times, but Nigeria is not falling apart.

“And when people talk about debt crisis, Nigeria is not in a debt crisis.

“If you look at the fiscal deficit of this country with regard to the GDP it is just about 3 per cent or 3.5 per cent; it is still below the 5 per cent for the Fiscal Responsibility Act.

“If you look in terms of the debt to GDP ratio for Nigeria, it’s 15 per cent.

“So there is no debt crisis in Nigeria, what you have is a liquidity problem and we are trying our best to be able to help the country to solve that to be able to drive down inflation.

“To be able to also make sure that working with the government they provide the necessary incentives to the private sector because to come out of recession needs more than government.

“It needs the private sector; so incentives are going to be very important.

“The Minister of Finance talks of all raft of incentives they are going to give and I think that is the right direction.

“Am I happy to be here? I just want to say that Nigeria is not falling apart; I think we are here to support Nigeria.

“Nigeria will come out of this as a better more diversified and more resilient economy than it went through recession. I believe that.”

The AfDB president said the organisation was not a fair weather friend of the country, but was there to provide very strong support for the Federal Government.

The Minister of Finance, Mrs Kemi Adeosun, stated that the Federal Government is elated to receive the Nigerian head of the AfDB, describing him as one the country is proud of.

She said that the government would work in harmony with the AfDB to grow the economy of the country.

“I think what has been a great relief to us in the Economic Management Team (EMT) is the amount of synergy between what we are trying to do and what the AfDB repositioned and Dr Adesina is focusing on.

“And most of the sectors and the specific programmes that the bank has are the various areas that we feel we want to focus on for the growth of the economy.”

The minister said that the Federal Government was looking at the assistance from the $1 billion budget support.

She said that beyond that there were a number of loans and initiatives around agriculture, job creation for youths, solid minerals development, and women empowerment through access to finance for small and medium scale ventures.

Adeosun said that the programmes were key targets of the economic management team in particular and the present administration as well.

The minister described the bank as a great partner and supporter as it is providing the administration with technical support in various areas of economy to aid recovery. (NAN)

•Photo shows AfDB President Akinwumi Adesina.

Source News Express

Posted 27/09/2016 05:13:37 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Herdsmen kill traditional ruler, wife and children

2017 Hajj: Senate to investigate extortion of pilgrims...

Autopsy report indicts police over teenager’s death

BLOODBATH: Village Head, Chief Imam, 46 others killed...

Budget Padding Controversy: Jibrin mocks Dogara, other House...

Anambra Poll: Party chairman, 7 others suspended over...

Controller General calls for unification of fire services...

ECOWAS Bank for Investment and Dev. signs 7.3...

30,000 die in failed bid to migrate to...

4 things Trump and Buhari have in common...

Anxiety over Oba of Benin’s health

Uduaghan canvasses stakeholders’ support for agric, production sectors...

 

Latest News Ebonyi to build International Airport Man kills sick brother to avoid paying medical bills INEC wants N6bn to feed policemen during 2019 polls Arewa youths back Saraki, cautions Oshiomhole on utterances Why we suspended consular services in Abuja — U.S. Embassy Police capture 20 suspected Zamfra bandits, recover arms SERAP sues NYSC over failure to publish Kemi Adeosun’s ‘exemption certificate’ 25 students killed in bomb blast Reps, INEC meet over 2019 general elections FEC approves N15.73 billion road project in Enugu El-Rufa’i presents N155bn 2019 budget for Kaduna Fake news aggravated recent National Assembly crisis — Minister

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (377,046 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (366,253 views) Shameless Genevieve Nnaji exposes breasts in public (295,938 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (241,599 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (222,297 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (216,959 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (192,351 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (174,529 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (159,510 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (158,048 views) Lagos plane crash: Journalist releases victims’ names (152,532 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (142,884 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,451) Business Verdict (48) Columnists (908) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (527) Features (632) Global Business Monitor (294) International (2,268) Interview (161) Live Commentary (28) Love Matters (134) News (38,028) Opinion (1,057) Pidgin (11) Politics (6,045) Religion (816) Sports (1,645) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Liverpool Destroying West Ham 4-0 - Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement