The African Development Bank (AfDB) has described Nigerian government as the most difficult client.
The senior special adviser to the AfDB president, Prof. Banji Oyelaran-Oyeyinka, made the remark yesterday while delivering a keynote address entitled ‘Science, Technology and Innovation for Sustainable Development’ at the 2022, 3rd Biennial African Scientific Integration Network Conference.
The event was hosted by the Centre for Energy Research and Development, Obafemi Awolowo University, Ile-Ife, Osun state.
Responding to questions on what the bank was doing to assist the growth of industries in Nigeria, he made specific reference to a loan facility that the board of the bank approved for Nigeria and how the federal government delayed its approval.
“I can tell you we have many projects in Nigeria and I am leading one of them. For the Special Arrangement Industrial Processing Loan, we raised $540m for each zone in Nigeria.
“We raised it, and the board of the AfDB approved it on December 13 but the ministry of finance did not sign until June 1. We were begging them to sign. By the way, this loan has less than a one per cent interest rate for 25 years and an eight-year moratorium. It is like someone is giving you money for free.
“Other countries have just one zone and they have been calling to thank us, thank the president, thank everyone for what you have done for us, but in Nigeria, you will be asked why you are pushing too much. We were supposed to launch the project by March 1. The Nigerian government is the most difficult client.”
Earlier in his welcome address, the vice chancellor of OAU, Prof. Simeon Bamire, said the prevalent global environment was creating challenges for poor, small, landlocked, as well as resource-dependent economies.
He charged the conference to seek to identify the challenges and attempt to proffer solutions to them.
