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Nigeria’s Restructuring Should Be Based On Economic Viability, Says Adesina

FILE: President-elect of the African Development Bank, Dr Akinwumi Adesina, giving his inaugural speech after his swearing-in ceremony on Tuesday, September 1, 2020

 

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The President of the African Development Bank Group, Dr. Akinwumi Adesina, has opined that the restructuring of Nigeria should be driven by economic and financial viability, which he noted are necessary for political viability.

Adesina stated this while delivering a public lecture in Akure, the Ondo State capital.

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The public lecture titled ‘Toward a New Nigeria From Federal Fatherism to a Commonwealth’ was delivered virtually from the base of the African Development Bank in Abidjan, Ivory Coast.

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Adesina stressed the need to diversify the source of financing for states across Nigeria, noting that Nigerians in Diaspora remitted $24 billion in 2019, which accounted for half of crude oil exports.

The AfDB President also called for a better way of supporting states in financing critical infrastructure.

He charged states to focus on turning their resources into wealth, based on their areas of comparative advantage.

Adesina suggested that resources in each state should be managed by the States, while they pay federal taxes and royalties to the Federal Government.

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