Nigerian Government Is The Most Difficult Client, Says AfDB Official
Nigerian Government Is The Most Difficult Client, Says AfDB Official
Prof. Banji Oyelaran-Oyeyinka, a Senior Special Advisor to the President of the African Development Bank, described the Federal Government as the bank’s most challenging client on Tuesday.
He made this statement while delivering the keynote address at the 3rd Biennial African Scientific Integration Network Conference in 2022, which was held at the Obafemi Awolowo University’s Centre for Energy Research and Development in Ile-Ife, Osun state.
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The AfDB boss delivered a paper virtually on the topic, ‘Science, Technology and Innovation for Sustainable Development.’
He specifically mentioned a credit facility that the bank’s board had approved for Nigeria and how the Federal Government had delayed its approval while replying to inquiries about what the bank was doing to support the development of industries in Nigeria.
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Nigerian Government Is The Most Difficult Client, Says AfDB Official
He said, “I can tell you we have many projects in Nigeria and I am leading one of them. For the Special Arrangement Industrial Processing Loan, we raised $540m for each zone in Nigeria.
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“We raised it, and the board of the AfDB approved it on December 13 but the Ministry of Finance did not sign until June 1. We were begging them to sign. By the way, this loan has less than a one per cent interest rate for 25 years and an eight-year moratorium. It is like someone is giving you money for free.
“Other countries have just one zone and they have been calling to thank us, thank the president, thank everyone for what you have done for us, but in Nigeria, you will be asked why you are pushing too much. We were supposed to launch the project by March 1. The Nigerian government is the most difficult client.”
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Speaking earlier, the Vice Chancellor, OAU, Prof. Simeon Bamire, said the prevalent global environment was creating challenges for poor, small, landlocked, as well as resource-dependent economies. He then charged the conference to seek to identify these challenges and attempt to proffer solutions to them.
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