AfDB assures Nigeria of support in strengthening agriculture, power sectors

*Dr. Akinwumi Adesina, President of the African Development Bank, in a recent meeting with President Bola Ahmed Tinubu in France, applauds the Nigerian leader for his boldness, vision, and determination regarding macroeconomic stability and fiscal stability in the economy

Isola Moses | ConsumerConnect

The African Development Bank (AfDB) has assured President Bola Ahmed  Tinubu that the transnational Bank will support his administration’s efforts and vision in improving the agriculture and power sectors in Nigeria.

Dr. Akinwumi Adesina, President of AfDB, stated this after meeting with President Tinubu, while speaking with reporters on the sidelines of the just concluded New Global Financing Pact summit in Paris, France.

ConsumerConnect reports the 2023 New Global Financing Pact summit was hosted by French President Emmanuel Macron, in Paris.

The AfDB Chief also assured the Nigerian President that it was a great opportunity for him to see Tinubu.

Adesina commend him for the thoughts and ideas he has brought to the Paris summit among other global issues discussed  at the forum.

What I discussed with President Tinubu in France  -Adesina

The President of AfDB further disclosed the details of the meeting: “I discussed with His Excellency the President about a couple of things, first of all, agriculture, to see what we can do to support the government with regard to Mr. President’s vision in agriculture.

“We discussed special agroindustrial processing zones, for which we already have about $520 million for Nigeria, and how we are going to make sure that that project actually gets accelerated.”

Adesina noted: “The other one that we talked about is the power sector, how we will bring support to his effort, his vision, and that of his government with regard to access.

“The President wants to ensure that there is access to electricity in Nigeria, and therefore he talked to us about how we can support him, and I gave him the assurance that we will significantly support the power sector in Nigeria.”

He as well lauded the Nigerian leader for his boldness, vision, and determination with regard to macroeconomic stability and fiscal stability for Nigeria.

On fuel subsidy removal, unification of Forex rates

Adesina also observed Tinubu’s pronouncement on the removal of petrol subsidy would help Nigeria significantly.

The Forex unification will also free up access to forex and also make Nigeria’s currency much more competitive in terms of export competitiveness for the things that the country produces, said he.

Adesina, therefore, described the recent moves by the Bola Tinubu administration as the right signals being sent to investors.

According to him, the international community acknowledges these policy decisions, which will also attract a significant amount of investment into Nigeria.

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