The Arab Bank for Economic Development (BADEA) has been urged to invest more money into the Nigerian economy to boost the growth of the nation’s economy.
The plea was made by President Muhammadu Buhari while he received the Director General of the Arab Bank for Economic Development, Sid Tah at the State House, Abuja.
President Buhari noted that the advantages of investing a larger amount into the economy will not increase productivity in the economy but also allow the bank make more profits on investment.
Sterling Bank Plc had benefitted from the Arab Bank’s investment in 2019 where $65 million (about N23.4 billion) credit facility was granted through two loan agreements signed in Cairo, Egypt.
In 2021, the Nigerian government was said to have also received a loan of $5.88 million from the Arab Bank.
The President praised the work of the Arab Bank for Economic Development especially for its investment in Nigeria and Africa at large that has seen strides in the agricultural sector regarding food security systems, capacity building, and integrated infrastructure projects.
“your presence is very critical, and, indeed, a major catalyst and tool for achieving our overall objective as leaders on the continent.”
Nigeria’s first citizen reiterated that the key focus of the current administration had been Security, Economy, and Anti-Corruption, adding that the three are critical “towards achieving our overall development objective not just as a country, but more importantly as a continent.”
In his response, Tah who congratulated President Buhari for his award on peace strengthening said it was a testimony to his efforts in promoting amity in Nigeria and Africa.
The Bank’s director said the bank will continue to build a strong relationship with Nigeria as it has done in the past and would drive its investment more into areas of wheat cultivation, gum Arabic, veterinary support services, and women and youth development, among others.
