Tuesday , October 19 2021

Afican devt. The bank should be appreciated for the role played in helping Nigeria – Zainab Ahmed



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Minister of Finance, Zainab Ahmed says that the African Development Bank (AfDB) should be highly credited because it is played in Nigeria's exit from its worst recession for decades.

This was said by the minister when he spoke to CNBC Africa later on from the first Africa-Africa Investment Forum that was in progress in South Africa.

"AfDB is our bank. Together with South Africa, we are the biggest investors in AfDB, and we want to invest even more," Ahmed said.

"It's a good company, we are very pleased with the progress made by AfDB, so we invest ourselves to invest even more.

"AfDB has become a catalyst for growth; when Nigeria went into recession, AfDB was the first to provide budget support to Nigeria.

"And then the World Bank said:" Okay, we would do this too, "and others followed.

"It became a catalyst for us and today we still assign one of the reasons that we could quickly get out of the recession because of the support offered by our bank, AfDB."

Ahmed, who spoke about farming operations in Nigeria, said that Muhammadu Buhari-led government built on the good foundations for Akinwumi Adesina as minister.

"We build on the good foundation that Dr. Akin Adesina had added. He began a fundamental change in the agricultural sector, very very transformative things " Ahmed added.

"We look at agriculture not only to feed the nation, but also as a company that already contributes significantly to our GDP.

"Today agriculture contributes about 23 percent to GDP and the potential is enormous.

"There are more and more people entering agriculture at different levels, but especially in the processing chain, where 70 percent of the value is.

"As a government, we introduce policies to support these companies, to fund them, to support them when they are to borrow, we have risk sharing systems.

She said that the largest employer of labor in the Nigerian economy today is the agricultural sector.

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