FG Appeals to AfDB  for More Support 

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The federal government has called for more support from the African Development  Bank (AfDB) to enable it implement the Economic reforms it recently instituted effectively.

 

The Minister of Budget and Economic Planning, Sen. Abubakar  Atiku Bagudu, made this call during the consultation mission of the Country Department of the African Development Bank Group.

Sen. Bagudu acknowledged the support the bank has  given to the country so far but insists there is need for more support to enable the country to effectively implement its economic reforms. 

The minister also said that such support will help to cushion the effect of the reforms, especially the hardship resulting from  removal of the fuel subsidy and deregulation of foreign exchange regime.

According to the Minister, “We want to generate more growth that is inclusive and equitably shared.” 

He also outlined plans to reduce deficit and increase capital spending alongside initiatives to de-risk sectors such as manufacturing and agriculture. Despite the challenge of the exchange rate volatility, Bagudu asserted that reform measures were essential for Nigeria’s transformation and economic expansion.

He seized the opportunity to urge the bank to strengthen its feedback mechanism by obtaining the inputs of the sub-nationals of the county in order to realize the overall objectives of the programme.

 

Earlier, the team leader of the Africa Development Bank (AfDB), Mr. Jacob Oduor said that the objective of the mission was to hold consultations with the officials of the Federal Government and other key stakeholders on the implementation of Nigeria Country Strategy Paper. The mission was also to access the extent to which the expected result had been achieved and draw lessons to inform the design of a new CSP (2025-2029).

 

The Director, Macro-economics Department, Mr. Felix A. Okonkwo explained that the consultations would focus on recent economic development and economic challenges in 2022-2023. It would review continued alignment of the CSP priority areas with the country’s long term Development Plans.

 

Also an overview of measures to mainstream the fragility, climate change and gender in economic planning and development would be carried out.

 

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