GTB 737 banner Yudala 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

Views: 1,861


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


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
U-Turn: Gambia’s President demands new election •Blames election...

OBI FLAYS BENCH-WARMING ANAMBRA SENATORS over non-sponsorship of...

Nigeria tightens law on endangered species

38 die of poisoned dog meat, ogogoro in...

Western Naval Command gets new Flag Officer

Politicising religion

Bomb scare shuts National Assembly Complex, creates panic...

Church Killings: Army blames MASSOB, IPOB •It was...

Standard Bank files explosive affidavit seeking protection from...

Senator Abe reels out developmental programmes for Rivers...

Niger Delta militants threaten protests over delayed stipends...

Council Cashier bags 10 years for money laundering...

 

Latest News It’s too late to actualise Biafra — Igbo member of Lagos State House of Assembly Police stage fitness exercise in Enugu NAFDAC workers insist on strike IGP plans 31,000 annual recruits into force for five years Manchester clubs remain on top of English Premiership Women advocate dialogue in addressing contentious national issues Apapa gridlocks will soon be over, FRSC assures FG distributes relief materials to 40,000 IDPs in Adamawa Ambode to unveil new Awolowo Statue on Tuesday Re: HURIWA as IPOB’s NGO Wing Niger Delta militants attack vessel in Bayelsa, kill 3 Ohanaeze slams secessionists, brands them enemies of Nigeria

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (279,110 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (260,917 views) Shameless Genevieve Nnaji exposes breasts in public (211,824 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (178,013 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (176,887 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (158,659 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (136,889 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (126,866 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (120,501 views) Lagos plane crash: Journalist releases victims’ names (111,303 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (110,476 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (102,870 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (28) Business (2,695) Business Verdict (22) Columnists (745) Complaints & Requests (93) Enterprise & Opportunities (178) Entertainment (378) Features (489) Global Business Monitor (178) International (1,545) Interviews (130) Live Commentary (28) Love Matters (73) News (28,637) Opinion (809) Pidgin (8) Politics (3,939) Religion (627) Sports (1,324) Stock Watch (23) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN words on marble advert

 

 

Manchester United vs Everton 4-0 All Goals & Extended Highlights

 

APO Newsbreak logo

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!