AfDB invests $1.44bn to boost infrastructural growth in Nigeria

The African Development Bank (AfDB) has invested $1.44 billion to support the development of energy and power, transport, water, and other infrastructural projects in Nigeria.

The AfDB President, Akinwunmi Adesina, disclosed this at the Nasarawa Investment Summit 2024 held recently in Lafia.

Adesina, who was represented at the event by the Bank’s Country Department Director in Nigeria, Gen. Lamin Barrow, noted that Nasarawa State, and the country as a whole face a huge infrastructure deficit inhibiting the country’s efforts to diversify its non-oil production and achieve international competitiveness for exports.

According to the 2020 National Integrated Infrastructure Master Plan, Nigeria requires $2.3 trillion between 2020 and 2043 to raise its infrastructure stock to the international benchmark of 70% of Gross Domestic Product (GDP).

The energy sector alone will require $759 billion while the transport sector needs $575 billion.

READ ALSO: Nigeria goes for $2.2bn loan from World Bank, budgetary support from AfDB

Adesina said: “To address this problem, the African Development Bank is supporting the federal and state governments to improve the national and state infrastructure. As of April 2024, 31 percent of the Bank’s active portfolio, valued at $1.44 billion, is supporting infrastructure development in Nigeria.”

“To achieve industrial renaissance, Nasarawa State and Nigeria must accelerate domestic resource mobilization; boost agriculture sector productivity; develop value chains and supportive infrastructure; enhance de-risk investments; prioritize natural resource value addition and beneficiation; strengthen institutional capacity and bridge the skills mismatch to enhance youth employability.

“Nasarawa is known for its huge potential in agriculture, particularly its organized commodity aggregation system, which ensures the marketability and traceability of produce. It is reassuring to note that Nasarawa is prioritizing the development of agricultural value chains for key commodities such as sesame, rice, and ginger. “

The Minister of Industry, Trade and Investment, Dr. Doris Nkiruka Uzoka-Anite, said the country was proud of the positive strides Nasarawa State had made in the mining sector.

She said: “Nasarawa State has shown great vision in ensuring that their vast lithium deposits are developed and processed, ensuring that raw materials are not exported out of this country without any value addition, in line with the renewed hope agenda.”

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