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President of the African Development Bank, AKINWUNMI ADESHINA

The African Development Bank says it will help Nigeria to overcome its recession

The African Development Bank says it will help Nigeria to overcome its recession, but the country should increase taxes and lift hard currency curbs to ease the dollar shortages choking the economy.

President of the bank and former Nigerian agriculture minister, AKINWUMI ADESINA, who stated this in an interview in London, said “Nigeria is too big to fail”.

He said, “The African Development Bank will rally strongly around Nigeria to overcome its recession believing that the current challenge is caused by lack of liquidity in the system.

AKINWUNMI ADESINA said it is worthy to note that Nigeria had agreed on several reforms such as increasing its value-added and corporation taxes to offset a loss of oil revenues.

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