Minister of Finance, Kemi Adeosun, on Thursday, told World Bank delegates that the nation is focusing on fast forwarding economic growth rate and, therefore, will not be “complacent around the increase in oil prices”. She said that the government is optimistic and vigilant as it is working to consolidate on gains of increased revenue by spending more.
The minister in January cited the 2016 drop in prices, which was followed by the worst recession in 25years as a major reason why Nigeria cannot afford to fall back into the trap of relying heavily on oil prices even as they are on the rise.
She says although it has been a good patch recently for oil price, Nigeria is not banking on it as it is perceived as temporary. Instead of looking out the number of funds that will come out as a result of the rise, it is all about how effectively the government can use funds for the betterment of the people.
She also urged the World Bank to take part in some of the power initiatives that are currently ongoing in the country as reforms in the power sector are key growth catalyst that would have a multiplier effect on the other sectors of the economy. She pointed out power as a major priority for the country.
Patrizio Pagano, Head of the World Bank delegation, which comprised of 10 executive directors from 96 member countries, said the visit was aimed at comprehending the economic priorities of Nigeria and to provide the necessary assistance for growth and development.
Photo Credit: Pulse NG
