Nigerian finance minister says country needs to tap its nonoil revenues
Nigeria plans to get out of recession by boosting government revenues, cracking down on corruption and investing in infrastructure
Abuja — Nigeria plans to get out of recession by boosting government revenues and cracking down on corruption, its finance minister Kemi Adeosun said on Thursday, and will also issue more international debt to pay for infrastructure projects. The country is in its second year of recession, brought on by lower oil prices, which have slashed government revenues, weakened the currency and caused dollar shortages, frustrating business and households. World Bank chief economist for Africa, Albert Zeufack, said on Wednesday that fiscal adjustments in Nigeria would be "extremely challenging" and that the country needed to reform its finances to ensure it can hedge against any future currency crisis. Nigeria also ranks well into the bottom third of Transparency International’s global corruption index. On Wednesday, for example, more than $43m found in an apartment complex in Lagos was said to be related to an investigation into the handling of humanitarian aid. Adeosun said her aim was to g...
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