Adeosun Advocates More Technical, Institutional Aid For W-Africa
BY COBHAM NSA, ABUJA – The Minister of Finance, Mrs Kemi Adeosun says greater technical and institutional support from the Africa Regional Technical Assistance Center West 2 (AFRITAC West 2) will engender economic growth and development in the West African sub-region.
She said providing such support for West African countries would significantly impact on the capacity development within the region.
Mrs Adeosun made the intervention while declaring open the sixth Steering Committee meeting of the IMF – AFRITAC West 2 in Abuja, attended by the Senior Resident Representative of the IMF in Nigeria, Mr Amine Mati; AFRITAC West 2 Coordinator, Mr Oral Williams; Director-General of Budget Office of the Federation, Mr Ben Akabueze, and Executive Chairman of the Federal Inland Revenue Service, Mr Babatunde Fowler.
The Minister said; “The ability to mobilise resources and build institutions with the capabilities to allocate them effectively, is the foundation of a strong economic management engine”, adding that; “The transfer of these technical capabilities and emergence of stronger institutions will increase the economic resilience of member-countries.”
She stated that “These countries will have the technical capability to successfully and independent manage their economies to effectively deliver on critical development imperatives.”
According to her, the Nigerian Government is committed to the economic diversification from the present over reliance on oil, adding that the economy would be shielded from the negative effects of dependence on a singular resource.
The Minister also assured that government is currently mobilising domestic revenue through taxes to improve the economy and foster economic development in the country.
“AFRITAC has supported this effort by conducting the Tax Administration Diagnostic Assessment Tool which provided Nigeria (and other member-countries that have successfully completed it) with an objective assessment of key components of our tax system.
“We see this work as critical to Nigeria’s future development, and would support its continued implementation,” Mrs Adeosun said.
She however charged member-nations to collaborate with AFRITAC in strengthening country ownership of the various capacity development interventions.
In his submission, Coordinator of AFRITAC, Mr Oral Williams stated that the Center has executed 150 capacity development activities across member-countries.
He also said the Center has designed the work programme for the next fiscal year with the aim of delivering quantifiable results.
The Steering Committee meeting was attended by delegates from Ghana, Cape Verde, Liberia, Sierra Leone, The Gambia and Nigeria.
