AfDB’s Portfolio in Nigeria Rises to $5 Billion With 63 Operations

With an expansion of 63 operations in Nigeria, the African Development Bank (AfDB) has recorded an increase in the value of its portfolio which amounted to $5 billion.

The Director-general of the Nigeria Country Office for the African Development Bank, Lamin Barrow, revealed the estimated value on Thursday, at the 2022 Country Portfolio Performance Review workshop in Abuja.

The AfDB pointed out that the funds are distributed between public and private sector operations almost equally as it covers several sectors.

Investors King gathered that Nigeria had 15 exited operations. Meanwhile, 6 new operations came on board after the 2019 country portfolio performance review and Nigeria’s portfolio grew by $198.6 million.

Speaking on the operation of the bank during Covid-19 pandemic, Barrow said a $288.5 million general budget support operation was signed under the COVID-19 Crisis response facility in 2020 and in 2021, $544 million in loan financing was approved for 5 operations. 

“The Bank has leveraged its resources by mobilizing co-financing from other Development Partners to the tune of nearly $1 billion,” he said.

Barrow further stated that the pandemic exposed the bank to the essence of rapid implementation of projects for economic sustainability and development in the country.

According to him, the workshop was organised to identify both generic and specific challenges encountered by the management of the Bank’s portfolio in Nigeria and prescribe necessary steps to be taken to ensure prompt implementation of projects.

He attributed the ineffectiveness in loans and first disbursement conditions to startup delays encountered.

“We need to move fast in ensuring that the new projects reach implementation stage at a faster pace. There are low hanging fruits that we can pluck by moving faster in processing the signature of 4 public sector projects approved in 2021,” he said.

In her remarks, the director of international economic relations department, Ministry of Finance, Budget, and National Planning, Mrs Isha Omar reiterated the ministry’s commitment to its responsibilities and project implementation support for impactful delivery and development.

Omar commended the African Development Bank for its support to achieve the nation’s development agenda.

She urged all the participating Ministries, Departments and Agencies and project implementation units to intensify efforts in tackling recurring challenges.