The African Development Bank (AfDB) has invested a total of $10.9 billion in Nigeria, with a current portfolio of $4.9 billion supporting projects in the public and private sectors.
According to Lamin Barrow, Director-General of the West Africa Region, AfDB, the bank’s cumulative financing approvals in Nigeria have reached $10.9 billion since it started operations in the country.
Barrow made this disclosure at the Second Interactive Session and Workshop on Developing Bankable Business Proposals/Business Plans for Youths in Agriculture, held in Abuja on Monday.
The event was part of the activities to celebrate the bank’s 60th anniversary with stakeholders.
Barrow noted that Nigeria is the AfDB’s largest shareholder, and the bank’s cooperation with the country has expanded over the years.
The AfDB’s investment in Nigeria spans various sectors, including energy and power, transport, water, and sanitation infrastructure.
“Over the last 60 years, the Bank has grown into a trusted partner and the continent’s premier development financial institution.
“Our cooperation with Nigeria has expanded over the years, especially considering that Nigeria is the largest shareholder.
“Since it started operations in the country, cumulative financing approvals has reached 10.9 billion dollars and our portfolio currently stands at 4.9 billion dollars supporting projects in the public and private sectors,” he said.
Barrow said the AfDB’s President, Dr Akinwumi Adesina, upon assumption of office eight years ago, prioritised the High 5–of Power, Feed, Industrialise, Integrate and Improve the quality of life for the people of Africa.
He said these were the accelerators for achieving the SDGs and the targets in the African Union’s Agenda 2063.
According to him, the projects and programmes supported during this period have impacted over 400 million people.
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