The report listed Nigeria's other serious economic challenges to include insecurity, low resource mobilization and the worst Value Added Tax rate in the world at five per cent.It however said there were growing opportunities as the recovery in oil prices and production will help drive growth and provide fiscal space as the government pursues important structural reforms to diversify the economy.
He noted that the Bank had evolved into one of the most efficient vehicles for Africa's economic development and integration. The first tranche of $600 million has been fully disbursed and utilised and in my discussion with the project implementation teams which is sector by sector, I'm satisfied that the funds have been dutifully deployed.
The Bank President highlighted various innovative ways in which African countries can generate capital for infrastructure development and what the Bank is doing through its ambitious High 5 development agenda to address the issues raised in the report.
The Minister of Finance, Mrs. Kemi Adeosun, said that the new office complex would strengthen Nigeria's effort and desire for regional integration in the West African sub-region and demanded that the country should be considered as the regional hub for the AfDB in West Africa.More news: Rand Paul attacker to plead guilty
Akinwumi Adesina, who made the claim, said with the approval of the lifeline, its Nigerian portfolio has risen to $6 billion, while it is working to increase its investment in Nigeria to $8 billion by 2019.
She said the bank provided the lifeline at the time that it was hard to secure budget support loan from anywhere as the country struggled with the 2015 to 2016 economic recession.
Adeosun who is also AfDB member of Board of Governors said the $1 billion intervention gave the country's foreign reserves the much-needed boost, which helped stabilise the naira.
The President of the African Development Bank, Akinwumi Adesina, thanked the Government of Nigeria for its very strong support.More news: National Football League says Raiders complied with Rooney Rule in hiring of Jon Gruden
To this end, there was call for an increase in capital mobilisation to allow the bank meet its mandates for Africa, in view of considerable reductions in official development assistance.
She said that with the continuing support of AfDB and indeed other partners, Nigeria would be made a more prosperous and inclusive country. When we requested for the support of the bank, the response was swift.
The Bank, he added, is providing U.S. $263 million toward the rehabilitation of basic livelihoods in the northeast, with the expectation of providing water, sanitation, hygiene and health services that will benefit 14 million people, including 1.9 million Internally Displaced Persons.
He said that the building was an important symbol of the special relationship between the bank and Nigeria, its founding member and the largest shareholder since inception.More news: Trump Has Lowest Approval Rate in US History
The building is the bank's first permanent building outside Cote D'Ivoire where its headquarters is. "We were there in the down time, we will also be there for Nigeria in the up time!"
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