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Restructuring: Nigeria rich in bitumen, spends N300bn importing it- Adesina
The AfDB boss, Akinwunmi Adesina advocates restructuring so that states can effectively utilise their vast resources for development. 3 min read
Although Nigeria has bitumen reserves worth up to $1.5 trillion, the country spends over N300 billion importing the product, Akinwunmi Adesina, the President of the
Mr Adesina was the guest speaker at the Second Term Inauguration Lecture of Governor Oluwarotimi Akeredolu in Akure on Tuesday.
Speaking virtually on the theme ‘Towards A New Nigeria: From Federal Fatherism To a Commonwealth,’ the AfDB boss said there is a need for an urgent review of the current federal system practised by the country if it hopes to grow out of her economic woes.
Although Nigeria has bitumen reserves worth up to $1.5 trillion, the country spends over N300 billion importing the product, Akinwunmi Adesina, the President of the African Development Bank Group, has said.
Mr Adesina was the guest speaker at the Second Term Inauguration Lecture of Governor Oluwarotimi Akeredolu in Akure on Tuesday.
Speaking virtually on the theme ‘Towards A New Nigeria: From Federal Fatherism To a Commonwealth,’ the AfDB boss said there is a need for an urgent review of the current federal system practised by the country if it hopes to grow out of her economic woes.
“Nigeria’s federalism does not grow its constituent entities. It simply makes them perpetually dependent,” said Mr Adesina, a former minister of Agriculture.
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Published 11 February 2021
AMID perennial losses, scandals, the obvious lack of capacity to manage them and a cash squeeze, the Nigerian National Petroleum Corporation should drop all schemes to hold on any longer to its four moribund refineries. Among its stratagems, its managers, accordin
g to Reuters, hope to raise $1 billion in a prepayment plan with trading firms to refurbish the Port Harcourt complex as part of an overall scheme to rehabilitate all four. Any such plan is unnecessary and wasteful. The refineries have gulped far too much public funds, shut out competition and investment in the oil downstream and entrenched a culture of waste. They should be sold immediately.