Although Nigeria has bitumen reserves worth up to $1.5 trillion, the country spends over $770m (N300 billion) importing the product, Akinwunmi Adesina, the President of the African Development Bank Group, has said.
Speaking virtually on the theme ‘Towards A New Nigeria: From Federal Fatherism To a Commonwealth,’ the AfDB boss said there is a need for an urgent review of the current federal system practised by the country if it hopes to grow out of her economic woes.
“Nigeria’s federalism does not grow its constituent entities. It simply makes them perpetually dependent,” said Mr Adesina, a former minister of Agriculture…
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