The Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, who disclosed this in Washington DC at the International Monetary Fund (IMF) and the World Bank Group meetings, said the firm was working with the Minister of Agriculture and had sent a team to the country.
She said, ‘They want to make Nigeria the hub for grain storage and cold storage in Africa for agriculture logistics, and they want to invest $250 million. They have their team, but the fact that we have the largest economy in Africa is making them feel that this may be the place to make the hub.’
The Minister disclosed that the World Bank and the IMF had agreed to create a Social Protection Programme to address the issue of growth and job creation for Nigeria and some other developing countries at the bottom end of the development ladder.
Both development and funding bodies, according to Okonjo-Iweala, were putting together policies and suggestions on how more jobs can be created, and as well drive growth in this regard.
‘We just announced our rebased Gross Domestic Products (GDP). The rebase is stronger, it was well received, it elicited a lot of interest among participants and also private sector people, who came to say they were interested in investing,’ she said.
‘The biggest focus about these meetings is looking at the global recovery, looking at a group of countries and what needs to be done for them to either strengthen their position and make sure that whatever the circumstance, they are able to prevail and come out with a strong economy.
‘The other issue is that the recovery is on, but the one in the Euro-Zone is quite fragile.
The reason for the fragility may be what looks to be an extended period of low inflation, and low inflation is not a good thing because that means that demands for goods and services is suppressed, and there’s even a fear of deflation, of fallen prices in Europe, as it happened in Japan.’
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