Adesina Emphasizes Economic Viability as Key Driver for Restructuring

• Adesina stresses that restructuring should prioritize economic viability over political agendas for sustainable development and political stability
• He advocates for true federalism, fiscal decentralization, and enhanced accountability in Nigeria to confront economic and socio-political challenges effectively

Dr. Akinwumi Adesina, the President of the African Development Bank (AfDB), emphasized the importance of economic viability in the discourse on restructuring during his address in Lagos following his reception of the 2023 Obafemi Awolowo Prize for Leadership.

Adesina asserted that the clamour for restructuring should not be solely motivated by political agendas but rather grounded in economic sustainability. He stressed that economic and financial stability are fundamental prerequisites for political stability.

Highlighting the urgent need for true federalism, fiscal decentralization, and enhanced accountability, Adesina underscored that Nigeria must confront its economic and socio-political challenges head-on.

He advocated for a comprehensive restructuring of Nigeria to navigate out of the current economic uncertainties. Adesina also urged sub-national governments to harness their potential for greater financial autonomy through prudent fiscal management.

Emphasizing the importance of leveraging comparative advantages to drive economic growth, Adesina encouraged states to maximise their resources to uplift their citizens.

Furthermore, he emphasized the necessity of e-governance systems to promote transparency and accountability in governance, ultimately serving the people’s interests.

Vice-President Kashim Shettima, representing President Bola Ahmed Tinubu, commended Adesina for his exemplary leadership and innovative contributions. He hailed Adesina as a transformative figure who has showcased Nigeria’s potential on the global stage.

The event, attended by esteemed dignitaries including former Head of State, General Yakubu Gowon, former Presidents Olusegun Obasanjo and Goodluck Jonathan, and President of the United Republic of Tanzania, Samia Suluhu Hassan, served as a platform to honor Adesina’s outstanding achievements and commemorate the legacy of Obafemi Awolowo.