Bagudu Seeks Increased AFDB Support

Bagudu Seeks Increased AFDB Support

Sen. Atiku Bagudu, the Minister of Budget and Economic Planning, is calling for more support from the African Development Bank (AFDB) to enable the Federal Government implement the Economic reforms it recently instituted effectively.

The Minister made the call when a consultation mission of the Country Department of the African Development Bank Group visited him in Abuja.

Sen. Bagudu acknowledged the support given to the country and stressed the need for more support for Nigeria’s Investments in addition to cushioning the effect of the reforms undertaken by the Federal Government.

Senator Bagudu listed the reforms to include removal of the fuel subsidy, deregulation of foreign currency and efficiency of expenditure.

According to the Minister, “We want to generate more growth that is inclusive and equitably shared”, He also outlined plans to reduce deficit and increase capital spending alongside initiatives to derisk sectors such as manufacturing and agriculture. Despite the challenge of the exchange rate volatility, Bagudu asserted that reform measures were essential for Nigeria’s transformation and economic expansion.

The Minister urge the bank to strengthen its feedback mechanism by obtaining the inputs of the sub-nationals of the county in order to get better achievements to realize the overall objectives of the programme.

Earlier, the team leader of the Africa Development Bank (AfDB), Mr. Jacob Oduor said that the objective of the mission was to hold consultations with officials of the Federal Government and other key stakeholders on the implementation of Nigeria Country Strategy Paper.

The mission was also to access the extent to which the expected result had been achieved and draw lessons to inform the design of a new Country Strategy Paper (2025-2029).

Mr. Felix A. Okonkwo, the Director, Macro-economics Department of the ministry, explained that the consultations would be focused on recent economic developments and economic challenges in 2022-2023.