The president of the African Development Bank, Akinwumi Adesina has said that Nigeria’s economy lost 10 billion dollars due to fuel subsidies in 2022.
According to the News Agency of Nigeria, at a speech in Abuja, Adesina claimed that Nigeria’s fuel subsidies assist the wealthy rather than the poor.
The poorest 40% of the population, according to estimates, only use 3% of the total amount of gasoline produced.
Adesina said that support for the private sector and modular refineries is necessary to promote efficiency and competition, which will lower fuel pump prices.
“The largest single-train petroleum refinery in the world’s recently inaugurated Dangote Refinery and its Petrochemical Complex will revolutionize Nigeria’s economy.
He stated, “Congratulations to Aliko Dangote for his incredible investment of 19 billion dollars.”
“The largest single-train petroleum refinery in the world’s recently inaugurated Dangote Refinery and its Petrochemical Complex will revolutionize Nigeria’s economy.
He stated, “Congratulations to Aliko Dangote for his incredible investment of 19 billion dollars.”
“To ease the government’s financial responsibilities, Nigeria must depend more on the private sector for infrastructure development.”
He added that among other things, there was a need to invest in human resources, diversify the economy, deal with the power issue, resuscitate rural areas, and increase tax income.
The so-called “youth empowerment programs must be abandoned because young people don’t just handouts; they require investments,” he said.
