Minister of Finance, Kemi Adeosun says Nigeria is hungry for infrastructure that can drive growth —not iPhones and expensive suits — which can only raise consumption.
She spoke at the World Bank Headquarters in Washington on Wednesday night, Adeosun said Nigeria was on a journey of transition aimed at driving short, long, and medium-term growth in Africa.
Adeosun, who was the only African minister on the high-level panel, she said Nigeria —and Africa as a whole — is the new infrastructure and investment destination, adding that there is nothing left in the west.
“We are hungry for infrastructure. We have got 170 million people who don’t have power in sufficient quantities. We don’t have a rail system; we don’t have a road structure. We believe that if we solve those infrastructure challenges, the entire productivity, agriculture, solid minerals, manufacturing, our unemployment problems could all be solve.
“It seems very simple, in terms of what needs to be done. We are quite excited about negative interest rates. We like that you’re not earning any money. We are happy to take your money and give you very small positive interest rate.
“We think that the time has come; everyone is thinking out of the west. There is nothing left in the west, everybody has to now come to Africa, but we don’t want investors to come to Africa to sell us iPhones and many expensive suits.
“We want to become productive, and so we want this investment to come into infrastructure, that will enable us to compete and really enable Africans to stay in Africa.”