AfDB says $10.9bn invested in Nigeria

AfDB’s director-general for West Africa, Lamin Barrow, says the banks’ cumulative financing approval in Nigeria is $10.9 billion. Mr Barrow said this at a workshop on Monday in Abuja. “Over the last 60 years, the bank has grown into a trusted partner and the continent’s premier development financial institution. Our cooperation with Nigeria has expanded over the years, especially considering that Nigeria is the largest shareholder. “Since it started operations in the country, cumulative financing approvals has reached 10.9 billion dollars and our portfolio currently stands at 4.9 billion dollars supporting projects in the public and private sectors,” he said.

Mr Barrow said AfDB’s president, Akinwumi Adesina, upon assumption of office eight years ago, prioritised the High 5–of Power, Feed, Industrialise, Integrate and Improve the quality of life for the people of Africa. He said these were the accelerators for achieving the SDGs and the African Union’s Agenda 2063 targets. According to him, the projects and programmes supported during this period have impacted over 400 million people. Meanwhile, during her keynote presentation, Marie-Laure Akin-Olugbade, AfDB’s vice-president (Regional Development, Integration and Business Delivery Complex), identified agriculture as a business.

Ms Akin-Olugbade said, “We are here to reimagine Africa’s future. A future powered by agriculture that backs the perception of agriculture as a low-income, low-status occupation that attracts only 21.5 per cent of youth. Where Women, comprising 50.8 per cent of Africa’s population, continue to face systemic challenges, including gender-based discrimination, marginalisation, violence, and unequal access to education, land, resources, opportunity and a voice.” 

According to her, growth in the agricultural sector is two to four times more effective in reducing poverty than growth in other sectors. She said by 2030, Africa’s food and agriculture market is projected to be valued at $1 trillion. While reiterating AfDB’s efforts towards food security, Ms Akin-Olugbade said the bank was collaborating with partners to allow private agribusinesses to establish industries that processed and add value to agricultural commodities. She explained that by working together and focusing on these transformative initiatives, we would unlock the full potential of Africa’s agriculture. She then expressed AfDB’s commitment to nurturing growth to ensure that Africa’s future in agriculture is bright and prosperous for all (NAN)