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The African Development Bank is an amazing turnaround story. The regional development bank was close to shutting down after losing its AAA credit rating in 1995 and, worse, squandering the confidence of its shareholders.
At its founding, a primary function of World Bank was to help developing countries develop the energy, transport and water infrastructure essential for economic development. Half a century later, as the World Bank Country Director for Brazil I saw the products of this – the World Bank funded one major hydropower plant in each of the first ten years that the Bank operated in Brazil, thus helping Brazil build a low-cost energy platform for economic growth in Brazil for the next 50 years.
The long-anticipated rebasing of Nigeria’s GDP series was finally made public on Sunday April 6, and the general media reaction has been cautiously celebratory. But the reaction has largely missed one big point: the rebasing establishes that the biggest economy in Africa has the lowest tax revenues of almost any country in the world.