It was gathered that the President of African Development Bank, Dr. Akinwumi Adesina, says the bank has a portfolio of $4.1 billion to support Nigeria’s new lending operations from 2016 to 2017.
Adesina said this while addressing newsmen on Monday in Abuja.
He said the bank had a meeting with Vice President Yemi Osinbajo, the Economic Management Team as well as other cabinet members to discuss the challenges facing Nigeria.
He said diversification was not a problem in the country, adding that the economy of Nigeria was well diversified.
Adesina said: “All in all we have a portfolio of $4.1 billion from 2016 to 2017, but we intend to raise it to a portfolio of $10 billion in 2019 for Nigeria to work with government to deepen investment.
“Times are hard in Nigeria, but I want to assure you that Nigeria does not have debt crisis but revenue challenge.
“The problem that Nigeria faces is the low productivity and low revenue earning profile.
“It will take more than government to come out of recession and we believe strongly that the private sector has an important role to play.
“So what is needed for Nigeria is not only to spend its way out of recession but to incentivise its way out of the recession.”
Adesina commended President Muhammadu Buhari for the measures already taken to ensure economic growth, especially the devaluation of Naria and the removal of subsidy.
According to him, the bank is going to give a general budget support facility to Nigeria for $1 billion to help the government deal with the current revenue situation.
He assured: “We are going to be supporting the agricultural sector; we plan to invest $300 million in agriculture through the ENABLE youth, which is to develop the new generation commercial farmers.
“Our goal is to create 1,000 youth entrepreneurs in agribusiness per state of the federation, making a total of 37,000.”
Adesina said the bank would provide $250 million for the North East integrated infrastructure development programme to support the rehabilitation of the North East.
He added that the focus would be on water, health, sanitation, artisanal skills, entrepreneurship and social amenities for the IDPs.
Adesina said the bank would also provide $200 million to support agriculture through the agricultural transformation agenda support programme.
He said the bank would provide $300 million for Abuja infrastructure project to provide water, sanitation, roads and electricity for four satellite towns of Abuja.
He stressed: “Nigeria is facing headwinds but with the right incentives the country can get out of the recession with a more balanced economy.
“Nigeria must reap the dividends of Naria devaluation, for the country needs to incentivise its way out of recession.”