African Development Bank AfDB’s Investments in Nigeria now At $4.5bn

This post was last updated on December 4th, 2019 at 05:38 am

The African Development Bank (AfDB) has revealed that it’s active portfolio in Nigeria rose to 60 operations with total commitments of $4.5bn.

In a statement,the bank sad, 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,Emeka Anuforo, the media relations officer of the bank, made this known in a statement in Abuja on Thursday.

Mr Anuforo explained that the bank’s active portfolio in the country comprise 60 operations which include 28 public sector operations.

Meanwhile, the media relations officer said the AfDB’s President, Akinwumi Adesina who visited President Muhammadu Buhari on Tuesday in Abuja, thanked him for his support to the bank and pledged the AfDB’s commitment to fast tracking Africa’s development.

Buhari also 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

“At the end of March 2019, the bank’s active portfolio in Nigeria comprises 60 operations with total commitments of US$4.5 billion..

He said that Mr Adesina also highlighted several reforms at the bank and strategic efforts to moving the bank’s operations closer to countries.

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.

Mr Anuforo quoted Mr Adesina as saying that “the bank’s robust operations in Nigeria have had significant results and impacts on the ground, and continued to accelerate the country’s economic transformation as well as improved the lives of millions.” he said.

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