Nigeria's debt 'will have repercussions for its infrastructure'
25 August 2011
Nigeria needs to reduce the amount of debt it has in order for the country to be able to develop and undertake infrastructure projects.
Coordinator of the economy and finance minister Ngozi Okonjo-Iweala has said the nation needs to "work harder" to ensure that it is not in serious deficit.
"We need to manage our fiscal system in a more prudent manner," said stated.
Ms Okonjo-Iweala commented that Nigeria needs to reduce its expenditure by at least one per cent per year, before going on to say the country needs to improve its infrastructure by encouraging foreign investment.
A spokesman for ONE recently noted that very few nations have seen successful economic growth without having international investors put money into their country.
However he stated that essential infrastructure is needed "to make investment more attractive".
Ms Okonjo-Iweala went on to say further developments could be an "enabler for the economy" as businesses will be able to run better with improved roads and power supplies.