AfDB predicts 2.1 Economic growth for Nigeria in 2018



The bank is hopeful that with better strategies, sustained and inclusive growth can still be achieved in the context of a large infrastructure gap.

He said AfDB has earned a special place in the heart of the country and pledged Nigeria's commitment to continue to be a major player in the bank towards making it strong to deliver on its vision.

Kemi Adeosun, who also expressed gratitude to the AfDB for that 2017 lifeline intervention, requested the bank to quickly complete the remaining $400 million of that intervention as Nigeria still needs it to fix pending economic challenges.

"The signaling effect of that singular act gave the country's foreign reserves the much needed boost which helped to stabilise the Nigerian Naira".

The Bank President highlighted various innovative ways in which African countries can generate capital for infrastructure development and what the Bank is doing through its ambitious High 5 development agenda to address the issues raised in the report.

"President Buhari, represented at the ceremony by Vice President Yemi Osinbajo said:" During Nigeria's challenging moment in 2016, we approached the bank for intervention and the intervention was swift with the approval of $1 billion.

"AfDB strongly support Nigeria and will always. FARA, the CGIAR System Organization, and 11 of its 15 worldwide agricultural research centres most active in Africa have embraced the Bank's initiative and are co-sponsoring the program to revitalize and transform agriculture through TAAT within the shortest possible time while restoring degraded land and maintaining or strengthening the ecosystems that underpin agriculture".

The President of the African Development Bank, Akinwumi Adesina, thanked the Government of Nigeria for its very strong support.

" Our investment can only increase as we expect the level to reach eight billion dollars in 2019".

Last month, the bank also approved financing amounting to $150 million for the expansion of the essential waste-water treatment plant at Abu Rawash in the Giza.

"We've invested United States $500 million in the Development Bank of Nigeria". We've invested $100 million in the Mainstream Power IPP in Jebba and Kanji, to add 700 MW to the national grid.

The Bank, he added, is providing USA $263 million toward the rehabilitation of basic livelihoods in the northeast, with the expectation of providing water, sanitation, hygiene and health services that will benefit 14 million people, including 1.9 million Internally Displaced Persons.

"Coming at this time, the new office complex will no doubt strengthen Nigeria's effort and desire for regional integration in the West African Region".

The African Economic Outlook is produced annually by the African Development Bank.

Similarly to these economies, Nigeria and South Africa, the continent's leading economies, should grow also. We can not ignore the fact that Africa's largest economy is now out of recession and projected to grow at 2.3% this year.

Growth in Africa rose from 2.2 percent in 2016 to 3.6 percent in 2017 and is likely to rise to 4.1 percent in 2018 and 2019, the ADB said in its annual report, African Economic Outlook.

" I said at the time that Nigeria is too big to fail,"Adesina said".

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