AfDB Eyes $8bn Investments In Nigeria By 2019 – Adesina

• As FG offers to host Regional office
  

BY COBHAM NSA, ABUJA – The African Development Bank (AfDB) says its total investment portfolio in Nigeria will hit the $8 billion mark before the end of 2019.

This is even as the Federal Government on Thursday offered to host the AfDB’s West Africa Regional Office in Abuja with President Muhammadu Buhari pledging Nigeria’s continuous partnership with the AfDB to improve living standards for Nigerians and Africans in general.

The Vice President, Professor Yemi Osinbajo represented President Buhari at the commissioning of AfDB’s Country Office building in Abuja.

President of the Bank, Dr Akinwumi Adesina said the AfDB will maintain its strong support Nigeria as the largest shareholder of the continental finance outfit.

Speaking at the commissioning of the Bank’s Country Office building in Abuja on Thursday, Dr Adesina stated that its current investments in Nigeria stand at about 6 billion dollars, covering over 73 projects nationwide.

According to him, “The AfDB strongly supports Nigeria and always will. You can tell by the level of our investments in Nigeria to the tune of $6 billion”, adding; “From our perspective, our investments can only increase as we expect the levels to reach $8 billion by 2019.”

Adesina, who described the relationship between the Bank and Nigeria as a ‘stable and dependable’ marriage, said; “The AfDB was there for Nigeria when the country faced economic downturn from the recession. I said at the time that Nigeria was too big to fail. The AfDB is not a fair-weather partner. We were there when it mattered most- for a partner in time of need is a great partner indeed.”

He explained that Nigeria enjoyed AfDB’s approval and disbursement of $600 million as budget support when the country faced its worst recession in decades, adding; “Our support goes beyond money. It demonstrates our strong commitment to stabilize Africa’s largest economy.”

“The crucial and timely intervention of the AfDB was what helped Nigeria to come out of the recession. The AfDB will not relent in supporting Nigeria in critical areas to boost growth, diversify the economy and create jobs”, the AfDB boss said.

He listed the bank’s interventions as: support for youths in agriculture; Small and Medium Enterprises (SMEs); and the financial sector generally, assuring that the Bank will also work on accelerating financial support for infrastructure and the energy sector.

Adesina maintained that the Bank’s investments are structured around high five priorities, stressing that light and power Africa; Feed Africa; Industrialise Africa; Integrate Africa; and improve the quality of lives of the people of Africa.

Also speaking at the event, the Minister of Finance, Mrs. Kami Adeosun expressed Nigeria’s interest to become the Bank’s sub-regional hub.

She said Nigeria deserves such recognition in the region, given its unequalled contributions as the largest shareholder to AfDB, adding; “I will like to put on record Nigeria’s strong desire and demand to host the regional hub of AfDB.”

“We think being the largest shareholder of AfDB since inception and the country with one of the largest portfolio of AfDB projects, Abuja-Nigeria is the natural and logical place for AfDB regional hub”, Adeosun said.

She urged the AfDB President to present Nigeria’s request to the Bank’s senior management and executive board for urgent consideration and approval.