AFDB’s Investments In Nigeria Stands At $4.5bn – Official

The African Development Bank (AfDB) has revealed how much it has invested in Nigeria as of March 2019.

Naija News learnt that Emeka Anuforo, the media relations officer of the bank,  who made this known in a statement in Abuja said that the  African Development Bank (AfDB)  put its investment in Nigeria at $4.5 billion as at March.

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

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

“These include 28 public sector operations with total commitments of US$1.7 billion (21 national and seven regional); 34 non-sovereign operations with total commitments of US$2.8 billion,” he said.

Mr  Anuforo also said that the AfDB’s President, Dr Akinwumi Adesina, who visited President Muhammadu Buhari on Tuesday, thanked him for his support to the bank and pledged its commitment to fast-tracking Africa’s development. He said that the AfDB boss also highlighted several reforms at the bank and strategic efforts to move the bank’s operations closer to countries.

Anuforo quoted Adesina as saying: “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, following Nigeria’s request to the bank, Adesina reported that the United Nations (UN) 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.

Anuforo also quoted President Buhari as commending the AfDB for its successes and pledged Nigeria’s continuous support for the institution.

He said: “I want to recognise the support that the African Development Bank has given Nigeria in recent times.”I remember the bank’s critical gesture in 2016 during the difficult period of economic recession through a $600 million budget support facility.

“We appreciate this and assure you that we will continue to work towards a diversified Nigeria.”

According to him, Buhari also applauded 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.