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7 Oct 2016

Nigeria Hungry for Infrastructure, Not 'Iphones' - Finance Minister, Adeosun to World Bank

Kemi Adeosun has expressed Nigeria's strong desire for viable investments that could liberate the economy from its downturn and not ostentatious products circulated in the country.

The Minister of Finance, Mrs. Kemi Adeosun, has informed multilateral donor institutions and investors that Nigeria is hungry for infrastructure that can trigger growth, not iPhones and pricey suits that will drive consumption.

Nigerians in the face of recession have been patronizing iphone shops for whooping sums of money in the range of N500,000 and above amidst the economic squeeze.

Adeosun spoke Wednesday night at a session during the International Monetary Fund (IMF)/World Bank annual meetings in Washington D.C., saying investors must start to realise that western economies are matured and offer lower returns, while Africa with its infrastructure gap offers greater returns according to ThisDay Newspaper.

The minister made the remarks on the heels of the announcement by the IMF that it would offer zero interest rate on its concessional lending facility from 2016 to 2018 to Nigeria and other low-income economies that are in dire need of financial support to boost their economies and overcome challenges as a result of low commodity prices.

Adeosun said: “It seems very simple, in terms of what needs to be done. We are quite excited about negative interest rates. We like that you’re not earning any money.

“We are happy to take your money and give you very small positive interest rate. We think that the time has come, everyone is thinking out of the West, but there is nothing left in the West, everybody has to now come to Africa.

“But we don’t want investors to come to Africa to sell us iPhones and many expensive suits.

“We want to become productive, so we want this investment to come into infrastructure that will enable us to compete and really enable Africans to stay in Africa.”

She informed her audience that Nigeria has started a journey, which would take its economy from being dependent on oil as a primary commodity, to a more productive economy.

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