AfDB boosts Nigerian economy with $10.9 billion

The African Development Bank (AfDB) has approved cumulative financing totaling $10.9 billion for Nigeria, according to Lamin Barrow, Director-General of the bank’s West Africa Region.

Barrow announced this at the Second Interactive Session and Workshop on Developing Bankable Business Proposals/Business Plans for Youths in Agriculture, held on Monday in Abuja, which is part of the celebrations marking the bank’s 60th anniversary and involved various stakeholders.

Expanding Cooperation

“Over the past six decades, the AfDB has become a trusted partner and the continent’s leading development financial institution,” Barrow stated.

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“Our cooperation with Nigeria has grown significantly, with Nigeria being our largest shareholder. Since beginning operations in the country, we have approved $10.9 billion in financing, with our current portfolio amounting to $4.9 billion, supporting both public and private sector projects.”

High 5 Priorities

Barrow highlighted that AfDB President Dr Akinwumi Adesina, who took office eight years ago, has focused on the High 5 Priorities: Power, Feed, Industrialise, Integrate, and Improve the quality of life for the people of Africa.

These priorities are seen as key drivers for achieving the Sustainable Development Goals (SDGs) and the African Union’s Agenda 2063 targets.

Impact on Millions

“The projects and programmes supported by the AfDB during this period have positively impacted over 400 million people,” Barrow noted.

“This interactive session offers an opportunity to address the numerous challenges faced by youths and women in agribusiness, particularly regarding access to finance,” he added.

He commended the Nigerian Federal Government for its various initiatives and programmes aimed at increasing agricultural production and productivity, creating job opportunities for youths and women, and combating food insecurity amidst the current high food inflation in the country.

“The workshop aims to enhance participants’ knowledge and skills in preparing bankable proposals, thereby unlocking financial support for their enterprises,” Barrow added.

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