In a bid to bolster its economic reforms, the Federal Government has urged the African Development Bank (AfDB) to extend further assistance, enhancing the implementation of recent economic policies.
Senator Abubakar Atiku Bagudu, the Minister of Budget and Economic Planning, emphasised the necessity for increased support during discussions with the Country Department of the African Development Bank Group.
Acknowledging the assistance rendered thus far, Senator Bagudu stressed the imperative for additional backing to facilitate the seamless execution of economic reforms, particularly amidst challenges such as the removal of fuel subsidies and foreign exchange deregulation.
Focusing on fostering inclusive and evenly distributed growth, the Minister outlined strategies aimed at reducing deficits, augmenting capital expenditure, and mitigating risks in pivotal sectors like manufacturing and agriculture.
Despite grappling with exchange rate fluctuations, Bagudu underscored the indispensable nature of reform initiatives for Nigeria’s economic revitalisation.
Moreover, Senator Bagudu advocated for an enhanced feedback mechanism within the bank, emphasising the importance of soliciting inputs from sub-national entities to actualise the overarching objectives of the programme.
Prior to this, Mr. Jacob Oduor, the team leader of the African Development Bank (AfDB), elucidated that the mission sought to engage with Federal Government officials and key stakeholders to evaluate the progress of the Nigeria Country Strategy Paper.
This evaluation aims to glean insights into the attainment of anticipated outcomes and inform the formulation of a new CSP (2025-2029).
Mr. Felix A. Okonkwo, Director of the Macro-economics Department, elaborated on the consultations’ focal points, including recent economic developments and challenges spanning 2022-2023.
Additionally, discussions will centre on aligning CSP priorities with Nigeria’s long-term developmental agenda and integrating considerations of fragility, climate change, and gender into economic planning and development initiatives.
