The African Development Bank (AfDB) has lauded the economic reforms initiated by President Bola Tinubu, emphasizing their significance in addressing Nigeria’s pressing economic challenges. The bank also expressed its commitment to supporting the country in various areas, including infrastructure development, agricultural productivity, and disaster relief.
In a meeting with a high-level AfDB delegation led by the Director General for Nigeria, Abdul Kamara, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, discussed strategies to improve food security in the country, particularly in light of the upcoming harvest season. The meeting explored potential areas for collaboration between the Ministry and the AfDB, focusing on initiatives to strengthen food security, the Special Agro-Industrial Processing Zones project, and other strategic engagements aimed at promoting sustainable economic growth and development.
The Minister highlighted the critical role of AfDB’s funding and technical expertise in supporting Nigeria during this pivotal harvest season, which is essential for the country’s food security and economic stability. Rising food prices have been a recurring issue in recent years, with the National Bureau of Statistics (NBS) reporting an average food inflation rate of 37.52% in August 2024, compared to 29.34% in the same month of the previous year.
The increase in food inflation was primarily driven by rising prices of bread, maize grains, guinea corn, yam, Irish potatoes, water yam, cassava tuber, palm oil, vegetable, and coffee, tea, and cocoa products. However, the rate of increase in food inflation on a month-on-month basis declined slightly from 2.47% in July 2024 to 2.37% in August 2024, primarily due to a decrease in the prices of tobacco, tea, cocoa, coffee, groundnut oil, milk, yam, Irish potatoes, water yam, cassava tuber, palm oil, and vegetable.
During the meeting, Dr. Abdul Kamara, Director General for Nigeria at the AfDB, commended President Tinubu’s economic reforms, emphasizing their importance in addressing Nigeria’s pressing economic challenges. He also expressed deep sympathy on behalf of the AfDB President, Dr. Akinwumi Adesina, for the recent flooding in Maiduguri, assuring the Minister of the Bank’s readiness to provide support in addressing the aftermath of the disaster.
“This courtesy visit underscores the African Development Bank’s commitment to supporting Nigeria’s economic development and reinforces the importance of international cooperation in driving sustainable growth,” said Mohammed Manga, the Director, Information and Public Relations. “The African Development Bank’s endorsement of President Tinubu’s economic reforms marks a significant milestone in Nigeria’s journey towards economic stability and growth.”
The meeting was attended by representatives from both the African Development Bank and the Ministry of Finance, including Linda Amadi, Orison Amu, George N.S., and Onyoh Ajibola.
Nigeria, Africa’s most populous country, has been grappling with a range of economic challenges, including high inflation, unemployment, and poverty. The country’s dependence on oil revenues has made it vulnerable to fluctuations in global oil prices. President Bola Tinubu’s administration has implemented several reforms aimed at diversifying the economy, promoting investment, and improving governance.
The African Development Bank, a multilateral financial institution, has been a key partner in Nigeria’s economic development. The bank has provided loans, grants, and technical assistance to support various sectors, including agriculture, infrastructure, and education.
Food security is a critical issue for Nigeria, with millions of people facing hunger and malnutrition. The country’s population is growing rapidly, and climate change is posing additional challenges to agricultural production. Improving food security is essential for ensuring social stability and economic development.
The AfDB’s support for Nigeria’s food security initiatives is timely and important. The bank’s expertise and resources can help the country to increase agricultural productivity, improve food distribution systems, and reduce food losses.
The African Development Bank’s commendation of President Bola Tinubu’s economic reforms and its commitment to supporting Nigeria’s development are significant developments. The bank’s partnership with the Nigerian government is essential for addressing the country’s pressing economic challenges, particularly in the areas of food security and infrastructure development. As Nigeria continues to navigate its path towards economic stability and growth, the AfDB’s support will be crucial.
