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AfDB’s support for Nigeria rises to $5bn

AfDB approves $14.12 for Nigeria's membership of ATI

The entire portfolio of the African Development Bank (AfDB), made up of 61 operations, climbed from $4.5 billion to $5 billion between March and December last year.

The multilateral lender made this known on Friday at the approval of Nigeria’s Country Strategy Paper 2020-2024 by its board of directors.

“Of the total active operations, 29 were in the public sector, with a commitment of $2bn (43 per cent) and 32 non-sovereign operations with a total commitment of $3bn, equivalent to 57 per cent of the total portfolio,” the bank said.

Developed from the successes and hitches of the 2013-2019 edition, the latest five-year blueprint embraces evolving transformative realities and opportunities that are impacting the political and economic landscape of Nigeria, taking into consideration the post-COVID-19 period, a statement from the AfDB revealed.

“In the implementation of the CSP, the bank will also support Nigeria to address economic shocks associated with the COVID-19 pandemic and oil price shocks by focusing our interventions in sectors that will strengthen public health infrastructure and accelerate efforts towards economic transformation and diversification of export earnings and fiscal revenues from oil,” said Ebrima Faal, Senior Director at AfDB.

Read also: AfDB board resolves to engage neutral investigator for Adesina’s probe

The 2020-2024 CSP, according to the institution, acknowledged boosting infrastructure advancement and encouraging social inclusion via agribusiness and capacity building as critical priority areas for Nigeria.

“These priorities have been selected to leverage Nigeria’s rich endowment of natural and human resources towards transforming the lives of its people.

“It is in this context that the new CSP has been customised to support government’s efforts in confronting challenges and to foster long-term, socially inclusive development,” it said.

The AfDB aims to utilise both sovereign and non-sovereign financing instruments to strengthen investment and institutional support ventures, policy dialogue, proof-centred analytical work in several sectors of the economy and advisory services provision.

It assured of giving unique attention to the private sector in Nigeria through financing and advisory services, and on public-private partnerships that would guarantee innovative, long-term investment in transport, energy, water and sanitation.

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