The Honorable Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu has called for more support from the African Development Bank (AFDB) to enable the Federal Government implement the Economic reforms it recently institute effectively.
The Minister made this disclosure during the consultation mission of the Country Department of the African Development Bank Group.
Sen. Bagudu acknowledged the support given to the country but buttressed the need for more support for Nigeria’s Investments in addition to cushioning the effect of the reforms undertaken by the Federal Government. These reforms include; removal of the fuel subsidy, deregulation of foreign currency and efficiency of expenditure.
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 derisk 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.
The Minister 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 get better achievements 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.
Julie Osagie –Jacobs
Director Information (BEP)
29th February, 2024