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Funds welcomed to help Nigeria diversify economy

11 August 2015, 07:51Augustine Osayande

Abuja – President Muhammadu Buhari said his administration would welcome more support from the African Development Bank (AfDB) to help diversify the country's economy.

These funds would be used for projects in versatile sectors like agriculture that could be explored to create more jobs for unemployed Nigerians.

Buhari stated this late Monday at an audience with the outgoing President of the African Development Bank (AfDB), Dr Donald Kaberuka. 

“An impression has been erroneously created that we are a rich country but looking at the economic profile of the country today, you will see that that is not necessarily the case," said Buhari.

"Our social services have to be seriously rehabilitated. We need urgent attention on areas like education and health services, not only in the north eastern part of the country, but all round the country."

Also Read: Gov. Bdadaru and Jigawa Rural Transformation

He said Nigeria would fall back on institutions like the AfDB for support in generating employment. 

"We have vast potentials in the agricultural sector that can be explored to create more jobs. We also have small businesses that need funds for expansion,” Buhari said.

In his reaction, the outgoing AfDB executive said some development institutions like the World Bank, German Development Bank and the European Development Bank had already indicated their readiness to provide long term loan facilities to small businesses in Nigeria. 

Kaberuka assured the President that the AfDB would always support economic projects in Nigeria.

The AfDB currently has a strong capital base of US$4.8 billion.

Meanwhile, Dr Akinwunmi Adesina of Nigeria will replace the outgoing AfDB President next month. 

- CAJ News

Tags afdb economy

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