Blumberg is working with the Nigeria’s Minister of Agriculture to make the coumtry a hub for grain storage and cold storage in Africa for agriculture logistics; and is expected to cost $250 million, well this is according to the country’s Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala.
“They have their team, but the fact that we have the largest economy in Africa is making them feel that this may be the place to make the hub,” said Okonjo-Iweala.
She added that the World Bank and the IMF had agreed to create a Social Protection Programme to address the issue of growth and job creation for Nigeria and some other developing countries at the bottom end of the development ladder.
“We just announced our rebased Gross Domestic Products (GDP). The rebase is stronger, it was well received, it elicited a lot of interest among participants and also private sector people, who came to say they were interested in investing,” she said.
The biggest focus about these meetings is looking at the global recovery, looking at a group of countries and what needs to be done for them to either strengthen their position and make sure that whatever the circumstance, they are able to prevail and come out with a strong economy.
‘The other issue is that the recovery is on, but the one in the Euro-Zone is quite fragile.
The reason for the fragility may be what looks to be an extended period of low inflation, and low inflation is not a good thing because that means that demands for goods and services is suppressed, and there’s even a fear of deflation, of fallen prices in Europe, as it happened in Japan.’