AfDB invests $4.5bn on 60 projects in Nigeria – Adesina
Mathew Dadiya, Abuja
The African Development Bank (AfDB) has disclosed that so far, it has invested over $4.5 billion in 60 different projects in Nigeria.
President of the bank, Dr Akinwumi Adesina revealed this on Tuesday when he spoke to State House correspondents after a private meeting with President Muhammadu Buhari at the Aso Rock, Abuja.
Adesina said that the AfDB also invested $400 million in the last three years to improve power supply in the country, especially in the transmission sub-sector.
The AfDB President who was Nigeria’s minister of agriculture under the Jonathan administration revealed that the pan African bank has also invested $258 million in the rebuilding of the ravaged northeast region of Nigeria.
He, however, noted that Nigeria remains the largest shareholder in the African development bank, adding that he was in the Villa to brief President Buhari on the activities of the bank and its various interventions in Nigeria.
According to him, we have put in almost $258 million to support the rehabilitation both in terms of health, education, sanitation and water, and also skills as a way of reviving areas that have been battered. I told Mr President that that is very important.
“We have also invested in mobilizing financing for the country. I briefed Mr President that Nigeria countries to be investment frontier and that the African Investment Forum which the African Development Bank held last year, we were able to mobilize about $38.7 billion of investments to African less than 72 hours, about $7.1 billion of that actually came to Nigeria.”
He said: “I came to see Mr President to thank him for all his leadership that he is providing both on the continent and the region.
As you know the continent faces quite a number of challenges in terms of security and he has put security as a very important thing. Obviously, trade and investments are not going to happen unless you have security within the region.
“Secondly, to congratulate on his re-election and to brief him about what the Bank is doing in Nigeria.
As you know I was elected president of the African Development Bank with the strong support of President Buhari, president Jonathan, president Obasanjo, all the heads of state but most importantly President Buhari played a very critical role in my elections.
So I came to say thank you and also came to give him the account of what is happening at the bank. And quite a lot has happened at the bank in the last three years.
We have 60 operations in Nigeria for a total of $4.5 billion and about $2.8 billion of that is in the private sector in the banking industry, financial sector, in particular about $1.7 billion in the public sector.
He expressed appreciation in the work we are doing and his great support for the African Development Bank.
We are in the period of a general capital increase for the bank and with that support, we believe you will see a different Africa completely under this new general capital increase of the bank.
One of the things that we said was that Nigeria’s contribution under the last general capital increase of the bank was $360 million but we lend to Nigeria $4.5 billion, almost 15.5 per cent. Every dollar that Nigeria gives to the bank, we lend $15 in return, so it’s a great investment.
I assured Mr President that under the new general capital increase of the bank, we are talking to our investors about this, so if we get enough money, hundreds of people will be connected to electricity.
