Friday, April 5, 2019
Advertisement

Nigeria not getting complacent as oil prices rise, Adeosun assures World Bank

Nigeria not getting complacent as oil prices rise, Adeosun assures World Bank
May 11
08:02 2018
Advertisement

Kemi Adeosun, minister of finance, says Nigeria is focused on accelerating economic growth rate and will not be “complacent around the increase in oil prices”.

Speaking on Thursday in Abuja, Adeosun told a delegation of World Bank executives that the federal government is “optimistic and vigilant,” and is working to consolidate on the gains of increased revenue by spending more.

The minister had in January said Nigeria cannot afford to rely on oil prices anymore, citing the 2016 decline that preceded one of the worst recessions in 25 years.

“We are not getting complacent around the increase in oil prices but we will focus on the fundamentals that will drive this economy,” she told the World Bank executives.

“This period is relatively good for oil prices, we are not resting on our laurels because we see this as temporary.

“So, it is not about the amount of money that comes in but how effectively we are able as a government to convert it for the good of our people.”

The finance minister said power sector reforms are key growth engines that would have a multiplier effect on other sectors of the economy.

“One thing that we think is a game changer in terms of the economy regarding industrial growth and improving the standard of living and quality of life is solving the power problem,” she said.

“It is a great priority to us and we welcome you to some of the power initiatives that we are driving in the power sector.

“There are two things involved, one is to accelerate that growth and then to make the growth count and make people feel it.

“That is where lifting people out of poverty and creating employment are very critical and crucial to us.”

Patrizio Pagano, head of the World Bank delegation comprised of 10 executive directors from 96 member countries, said the visit was aimed at understanding Nigeria’s economic priorities and providing the needed assistance for growth and development.

RECEIVE ALERTS FROM THECABLE

BBM CHANNEL C0038F78B
WHATSAPP 08113975334
TWITTER @thecableng
Copyright 2019 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.
Tags
Advertisement

Social Comments

0 Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment

Write a Comment

Your email address will not be published.
Required fields are marked *

*

Advertisement
Advertisement
Advertisement

Exchange Rates

April 01, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement