AfDB’s Commitments in Nigeria Now $4.5bn

• AfDB’s Commitments in Nigeria Now $4.5bn

At the end of March 2019, the African Development Bank’s active portfolio in Nigeria rose to 60 operations with total commitments of $4.5bn.

The bank said these comprised 28 public sector operations with total commitments of $1.7bn (21 national and seven regional); 34 non-sovereign operations with total commitments of $2.8bn.

In a statement, the bank said that at a meeting with the President, AfDB, Akinwumi Adesina, in Abuja, the Nigerian President, Muhammadu Buhari, commended the bank for its successes and pledged Nigeria’s continuous support for the institution.

“I want to recognise the support that the African Development Bank has given Nigeria in recent times. I remember the bank’s critical gesture in 2016 during the difficult period of economic recession through a $600m budget support facility. We appreciate this and assure you that we will continue to work towards a diversified Nigeria.”

The meeting was attended by some of the country’s ministers and senior government officials.

Buhari commended the bank’s interventions in infrastructure and agriculture, and encouraged the institution to keep supporting countries like Nigeria to grow agriculture as a business through the promotion of agro-industrial zones in the country.

Adesina, who thanked Buhari for his support to the bank, pledged AfDB’s commitment to fast-track Africa’s development.

He highlighted several reforms at the bank and strategic efforts to move its operations closer to countries.

“The African Development Bank’s robust operations in Nigeria have had significant results and impacts on the ground, and continue to accelerate the country’s economic transformation as well as improve the lives of millions,” he stated.

Following Nigeria’s request to the AfDB, Adesina stated that the United Nations Secretary-General, Antonio Guterres, had accepted to co-chair a multi-billion fund-raising session to revive the Lake Chad – a strategic effort that had major climate, economic, agricultural and employment implications for the region.