AfDB to increase investment in Nigeria to $8 billion by 2019
The President of the AfDB, Dr. Akinwumi Adesina
London, Jan. 19, 2018 (AltAfrika)-The African Development Bank (AfDB) is to increase its investment portfolio in Nigeria to $8 billion by 2019 , currently around $6 billion
The President of the AfDB, Dr. Akinwumi Adesina, who made the claim on Thursday during the inauguration of the bank’s ultra modern first AfDB office outside its corporate headquarters in Abidjan, Cote d’ Voire in 54 years, said as a trusted and credible partner, Nigeria would continue to enjoy maximum support from the bank.
Adesina revealed a range of financial commitment to Nigeria as a sign of the sound relationship his bank and the country. This include $500 million to increase the capacity of the Development Bank of Nigeria and a promise of $200 million in the Transmission Company of Nigeria.
“Our support also extends to the financial sector. Several Nigerian banks have benefited from $1.8 billion in lines of credit, including Access Bank, Fidelity Bank, Stanbic IBTC, First Bank, WEMA Bank, Zenith Bank, GT Bank and the Bank of Industry and NEXIM.”
Adesina, a former Nigerian Minister also revealed that $1 billion emergency lifeline approval support to Nigeria last year was what helped to pull the country out of recession, the country’s worst economic crisis in more than a decade.
He said the bank would continue to support Nigeria and other African countries in order to accelerate the development of infrastructure and energy on the continent.
Finance Minister, Mrs. Kemi Adeosun, who also expressed gratitude to the AfDB for the 2017 lifeline intervention, requested the bank to quickly complete the remaining $400 million of that intervention as Nigeria still needs it to fix pending economic challenges.
Nigeria’s Vice President Yemi Osinbajo who inaugurated the office said:” During Nigeria’s challenging moment in 2016, we approached the bank for intervention and the intervention was swift with the approval of $1 billion. The first tranche of $600 million has been fully disbursed and utilised and in my discussion with the project implementation teams which is sector by sector, I’m satisfied that the funds have been dutifully deployed. So we are looking for the disbursement of the balance of $400 million which will go a long way in assisting us to recover fully.”
Area where the balance of the $400 million would be deployed once disbursed is in the North East region where he said some 10 million people are struggling to return to normal life following the devastating displacement by the activities of Boko Haram.
He said AfDB has earned a special place in the heart of the country and pledged Nigeria’s commitment to continue to be a major player in the bank towards making it strong to deliver on its vision.
Osinbajo who represented the President, recalled that Nigeria from inception had been an important stakeholder as a major shareholder and that the decision to locate its first office outside the headquarters in Nigeria, signifies the recognition.
Additional report from the Guardian