Special Adviser to President Bola Tinubu on Finance and the Economy, Sanyade Okoli, says the African Development Bank’s (AfDB) $1 billion loan package signals strong international confidence in the Tinubu administration’s economic reforms, insisting that the funds align directly with government priorities of inclusive, job-creating growth.
Speaking in an interview with ARISE News on Tuesday, Okoli said the facility, spread across four programmes, fits squarely within President Bola Tinubu’s agenda to “drive inclusive growth and lift Nigerians out of poverty.”
“If we really step back, what Mr President is very focused on achieving at this time is driving inclusive growth and growth that lifts Nigerians out of poverty,”she said.
“Related to that are key sectors that have been identified as drivers of job-creating growth. One of them is the energy sector… another such sector is agriculture, not just for economic growth but also its impact on inflation and food security.”
She stressed that insecurity is tied to unemployment, arguing that job creation is central to stabilising communities.
“One key to addressing insecurity is job creation — having people doing work that keeps them fully engaged but also helps them move away from poverty.”
Asked about the significance of the bank’s confidence in Nigeria’s reforms, Okoli said the approval demonstrates that the government’s macroeconomic reset is yielding credibility with investors and multilateral lenders.
“It is reassuring that the work we’ve been doing to have the Nigerian economy at a place where you can begin to talk about rapid and sustained growth is being recognised,”she said.
“To drive growth, you need macroeconomic stability. You need to engender confidence — the confidence of investors in your economy. What AFDB has done is saying to us and to Nigerians that they believe the administration has been doing the work to make the economy more attractive to investors.”
Responding to concerns about corruption and fund management, Okoli said reforms within the Ministry of Finance — particularly automation and digital oversight — are strengthening transparency.
“When governments such as ours take such loans, they are monitored very closely by the lenders,” she said.
“I’m hoping you’ve also followed what the Ministry of Finance has been doing with greater automation and digitisation. For example, the RevUp initiative gives the minister much greater visibility regarding revenues coming into the system and how money is expended.”
She added that tightening fiscal management has already attracted global recognition.
“Because of the level of progress that has been made since this government came in, we have had two ratings upgrades from Fitch and Moody’s, and Standard & Poor’s recently changed Nigeria’s outlook from stable to positive.”
Okoli said the Economic Management Team is working with a dual focus: boosting growth and improving human development outcomes.
“It’s growth — but growth that lifts Nigerians out of poverty,” she said.
“In the medium term, they’re looking to drive 7% growth that comes with decent jobs, while also improving human capital, including social protection.”
She said the team has identified meaningful metrics that directly affect households.
“They are looking at food production, electricity that gets to homes and businesses, and identifying what matters most — and ensuring it is being tracked.”
Investment attraction remains critical to sustaining reforms.
“To drive that growth you need investment,” she said.
“They’re looking at making the Nigerian economy more attractive to investors, improving macroeconomic stability, and ensuring a stable governance, policy and regulatory framework.”
Okoli added that infrastructure and access to capital remain core pillars.
“Infrastructure is key — roads and power — and the last piece is access to capital on both the debt and equity sides, because those are required to drive the kind of growth they’re targeting.”
Boluwatife Enome
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