RECESSION: ADB asks Nigeria to reduce interest rate, collect more taxes


African Development Bank (ADB) has said that Nigeria’s interest’s rate is too high to bail the economy out of recession.

The bank’s president, Doctor Akinwunmi Adesina, speaking in an interview in London, also asked the Central Bank of Nigeria (CBN) to lift its control over the foreign exchange market to ease the shortage of dollar in the market.

Adesina said instead of foreign exchange control regime introduced by CBN, a gradual customs tariff should be considered.

“In our view it would be better to have gradual (customs) tariffs as opposed to (Forex) restrictions.”

“Attracting investment was the only way for the central bank to lower its interest rates. The interest rate is way too high.

He said that Nigerian economy was too big to fall, promising the bank’s assistance to solve the country’s liquidity crisis.

The bank had already approved about $4 billion loan to assist Nigeria in the next two to three years.

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