AfDB Confident of Buoyant Growth of Nigeria’s Economy in 2014

ABUJA – Donald Kaberuka, President of the African Development Bank Group (AfDB) in an interview with newsmen says the AfDB is quite optimistic about the Nigerian economy, an assessment he also shares.

“I think the government is tackling some of the most important bottlenecks. In particular, I just want to salute some of the reforms in the power sector which are attracting private money into energy.

“That is something which we support very strongly and for this we put in $280 million of our own for partial guarantees. I think reform in the power sector, the things the government is doing in agriculture, and agribusiness are quite commendable. Those two for me are really fundamental.

“So, the projections I’ve seen for 2014 are above sub-saharan average because the average for sub-saharan in 2014 is about 6.2 percent. I think Nigeria will be much higher, in any case, above 7 percent. So the country has to continue on that path.”

Donald Kaberuka“There are many things to be done in Nigeria of course and across many sectors. But for me, I like to see government focus on infrastructure, in particular power, and then support the agriculture sector. This is where the jobs will come from. There are many things we shall do but if I can focus on these two things I think I can be optimistic about this country,” he added.

According to Business Day, other entities apart from AfDB have expressed stronger growth for the Nigerian economy during the year. The UN Economic Commission for Africa (ECA), for instance, lists Nigeria among West African nations to witness a GDP growth of 6.9 per cent in the 2014 fiscal year. The International Monetary Fund (IMF) forecasts 7.4 percent for the year.


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