The African Development Bank (AfDB) said Africa’s transition states will need 210 billion dollars annually to achieve sustainable structural economic transformation. The disclosure was made by Dr Abdul Kamara, Director-General, Nigeria Country Department of the AfDB on Thursday in Abuja during a policy dialogue session at the ongoing Nigerian Economic Society (NES) Conference. According to […]
The Oyo state government says 3,000 hectares of land have been set aside at the Ijaiye Farm Settlement for the development of a Special Agro-Industrial Processing Zone (SAPZ) and an international wholesale food market modelled after Rungis in France. The projects, backed by the African Development Bank (AfDB), are expected to drive value addition, reduce […]
The Manufacturers Association of Nigeria (MAN), Ogun state branch, has advised manufacturers to explore alternative funding sources as high interest rates and macroeconomic pressures continue to constrain access to credit. George Onafowokan, chairman of the Ogun chapter of MAN, gave the advice at the association’s 40th Annual General Meeting held in Abeokuta. Themed “Financing Manufacturing […]
BY MOTOLANI OSENI The African Development Bank (AfDB) and PowerGen Renewable Energy have partnered with global investors to launch a transformative initiative aimed at deploying 120 MW of renewable energy across Africa. The project will integrate advanced battery energy storage systems to enhance energy reliability and efficiency. Key collaborators include the Private Infrastructure Development Group […]
BY MOTOLANI OSENI Nigeria is prepared to highlight key energy projects to enable it take advantage of the $40 billion World Bank and African Development Bank (AfDB) power finance initiative. The World Bank Group and the African Development Bank Group are prepared to convene an Africa Energy Summit on January 27-28 to advance an ambitious […]
By Temitope Adebayo The African Development Bank, AfDB-supported AfriCircular Innovators Programme has selected 30 Small and Medium Enterprises, SMEs, to receive financing and technical assistance to scale up circular economy initiatives. The bank in a statement said that this inaugural cohort, drawn from Cote d’Ivoire, Ghana and Rwanda, participated in its online onboarding event on […]
The African Development Bank Group, AFDB has appointed Lamin Barrow, an economist, as the Director General for the West Africa Region, effective June. Barrow, a Gambian national, brings extensive experience and knowledge to his new role, having joined the African Development Bank in 2000. Before this appointment, he served as Director General of the Nigeria […]
By Ukpono Ukpong The African Development Bank (AfDB) is set to commence the disbursement of $540 million loan to states across the country. Three states have so far been slated for disbursement in the first phase of the special Agro-Industrial Processing Zones (SAPZs). The loan is meant to ensure food security in the country through […]
The African Development Bank (AfDB) Group, has inaugurated the Bank’s Maiden report on “Benchmark Macroeconomic Models for Effective Policy Management in Africa”. Prof. Kevin Urama, the Chief Economist and Vice-President of Economic Governance and Knowledge Management, AfDB, inaugurated the report on the sidelines of the African Economic Conference (AEC) in Addis-Ababa, Ethiopia. According to Urama, […]
The African Development Bank (AfDB) Group reiterates that the African continent was one of the world’s most vulnerable to climate risks. In a statement on its website on Tuesday, the bank said Africa was the least among continents that polluted the planet. The statement noted that nations across the continent were grappling with financing constraints. […]
BY TEMITOPE ADEBAYO The Board of Directors of the African Development Fund (AFDB) has approved eight million dollars to boost the banking system on the continent. A statement by African Development Bank (AfDB) said the fund was for establishing a digitally interoperable unique bank identification system. It said the fund was also meant to establish […]
The Board of Directors of the African Development Bank (AfDB) Group, has approved a dual-currency Trade Finance Line of Credit (LoC) for ECOWAS Bank for Investment and Development (EBID). In a statement issued on the website of the AfDB, the LoC comprises 50 million dollars and 50 million euros. An additional co-financing of 30 million […]
By Joy Obakeye The African Development Bank Group AFDB will commit $10 billion over the next five years to boost Africa’s efforts to end hunger and become a primary food provider for itself and the rest of the world. Bank Group President, Dr Akinwumi Adesina, announced Wednesday at the Dakar 2 Africa Food Summit in […]
.Says it could worsen Africa’s social, political fragility By Abiodun Taiwo The President, African Development Bank (AfDB), Dr. Akinwunmi Adesina said this on Thursday while delivering a lecture on the role of education in 21st Century Nigeria Development: BBHS Adventure as part of activities marking the centennial anniversary of Baptist Boys High School Abeokuta, Ogun […]
By Joy Obakeye The African Development Bank Group (AfDB) has approved an equity investment of $ 20 million in Evolution Fund III, a pan-African clean and sustainable energy private equity fund that is mobilising about $ 400 million into renewable energy and resource-efficiency assets across sub-Saharan Africa over ten years. Inspired Evolution Investment Management is […]
.Says Nigeria’s economy to decelerate, average 3.2% by 2023 The African Development Bank (AfDB) says Africa needs an annual investment of $32 billion to $40 billion along the energy value chain to achieve universal access for electricity by 2030. The AfDB’s African Economic Outlook 2022 unveiled at the Bank’s Annual Meetings on Thursday in Accra, […]
The African Development Bank Group (AFDBG) says about 29 million Africans, especially in sub-Saharan Africa are expected to suffer extreme poverty due to the impact of COVID-19 pandemic. The bank said studies had shown that COVID-19 had tested the economic capacities of countries and the situation was particularly problematic for most ECOWAS countries. Dr. Akinwumi […]
The African Development Bank (AfDB), through its Youth Entrepreneurship and Innovation Multi-Donor Trust Fund, has provided more than 7.3 million dollars for youth empowerment. According to a statement from the bank on Tuesday, the fund provides project preparation and co-financing for bank projects and places emphasis on employability, entrepreneurship and job creation. “In June and […]
The African Development Bank (AfDB) says the 430 million dollars highway project linking Enugu to Bamenda in Cameroon will be completed this year. The bank, in a statement issued on Monday, said that it was part of its investments in West Africa which currently stood at 16 billion dollars. The statement quoted the President of […]
By Doosuur Iwambe The President of African Development Bank (AfDB) Dr. Akinwunmi Adesina, has announced that the bank is set to undertake its ‘Desert to Power’ initiative in Nigeria to meet up the challenge of power failure. Adesina who made this known within the week at the African Investment Conference organized by the UK’s Department […]