Business Featured Top Stories

AfDB to invest $200m in Nigeria to boost electricity supply

Ihesiulo Grace 10 March 2020 0

The African Development Bank (AfDB) is to invest 200 million dollars through the Rural Electrification Agency (REA) to boost power supply in Nigeria. Mr. Wale Shonibare, the Acting Vice President, Power, Energy, Climate and Green Growth Complex (AFDB), said this when he led some management

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Adesina to serve as AfDB president for 2nd term

Ihesiulo Grace 26 February 2020 0

The Executive Council of the African Union has passed a resolution for Dr Akinwumi Adesina’s candidacy as President of the African Development Bank for a second term. The decision was taken during the thirty-sixth Ordinary Session of the AU Executive Council, held during the AU Summit in Addis Ababa, Ethiopia, a statement said. Adesina was […]

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AfDB to assist FERMA with $10bn loan for road repairs

Ihesiulo Grace 21 February 2020 0

The African Development Bank (AfDB) has offered to assist the Federal Roads Maintenance Agency (FERMA) with part of the $10 billion the bank earmarked for infrastructural development in Nigeria. The bank delegation led by Dr. Abayomi Babalola, a transport specialists/consultant to the bank disclosed this while on a visit to FERMA headquarters in Abuja. UN report finds

Business

Entrepreneurship: ECOWAS launches 50m African women project

Ihesiulo Grace 21 February 2020 0

In  a bid to empower African women with requisite skills and platform to prosper their business, the Economic Community of West African States have launched the 50 million African Women speak project which is aimed at providing a platform and requisite knowledge for women entrepreneurs. The project which cuts across the 15 member states of […]

Business

AfDB to develop four agro-industrial zones in Nigeria with $500m

Ihesiulo Grace 20 February 2020 0

The African Development Bank (AfDB), has earmarked $500 million loan for the development of four agro-industrial zones across the country. AfDB President, Akinwunmi Adesina, made this known during a courtesy visit on the Chairman Senate Committee on Local and Foreign Debt, Clifford Ordia, on Wednesday in Abuja. Mr Adeshina, represented by his Senior Special Adviser […]

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We support countries to negotiate terms of royalties, taxes to coys-AfDB

Ihesiulo Grace 14 February 2020 0

The African Development Bank (AfDB) on Thursday refuted the World Bank President, David Malpass comments that the Bank, Asian Development Bank, and the European Bank for Reconstruction and Development contributed to the debt burden of Nigeria and other countries in Africa. AfDB in its response said it supports countries to negotiate terms of their royalties […]

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AfDB president worries over rising cases malnourished children in Africa

Ihesiulo Grace 9 February 2020 0

Abuja – Dr Akinwumi Adesina, the President of African Development Bank (AfDB) has expressed concern over the rising cases of stunted children caused by malnutrition in Africa.Adesina expresses concern at the African Leaders for Nutrition High-Level Dinner for Heads of State at Addisa Ababa. The speech presented by AfDB president was made available to the […]

Economy

AfDB calls for robust trade between UK, Africa, as merchandise records reduction

Ihesiulo Grace 22 January 2020 0

The President of African Development Bank (AfDB) Dr Akinwumi Adesina has called for more robust trade between United Kingdom and Africa as trade between UK and the continent is trending downward. The AfDB’s Communication and External Relations Department quoted Adesina as saying this in a statement on Tuesday at the UK-Africa Investment Summit, Sustainable Infrastructure

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African Development Bank to invest $250m on water, sanitation in FCT

Ihesiulo Grace 20 January 2020 0

The African Development Bank (AfDB) says it plans to invest $250 million in the Federal Capital Territory (FCT) to improve water supply and sanitation in satellite towns. AfDB Senior Director, Ebrima Faal, made the disclosure, when he led a delegation to visit the FCT Minister of State, Dr. Ramatu Aliyu in Abuja. Special Assistant on […]

Education

AfDB launches digital tool to help African youth learn to code

Ihesiulo Grace 4 December 2019 0

Abuja – The African Development Bank (AfDB) and Microsoft have inaugurated the ‘Coding for Employment’ digital training platform, an online tool to provide digital skills to African youths across the continent. A statement by AfDB said the platform was inaugurated at the 2019 African Economic Conference in Egypt with a view to promoting continuous learning […]

Business

AfDB approves $210m for Nigeria electricity expansion project

Ihesiulo Grace 30 November 2019 0

Abuja – The Board of Directors of the African Development Bank (AfDB) Group has approved 210 million dollars financing package for the Nigeria Transmission Expansion Project (NTEP1). The bank in a statement issued on Friday said that the package sought to rehabilitate and upgrade the nation’s power lines and improve distribution and supply. According to […]

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2019 Africa Investment Forum will be heavy on ideas, say AfDB, others

Ihesiulo Grace 10 November 2019 0

Abuja – The African Development Bank (AfDB) and the South African Government say the 2019 Africa Investment Forum (AIF) will be heavy on ideas to stimulate economic growth in Africa. In statement on Sunday, AfDB stated that South Africa and other key partners affirmed the position in a news conference in Johannesburg ahead of the […]

Business

AfDB shareholders approve $115b capital increase

Ihesiulo Grace 2 November 2019 0

Historic day: Today Governors of the African Development Bank approved a capital increase of $115 Billion, moving Bank’s capital from $93 Billion to $208 Billion! It’s the highest in the history of the Bank since 1964. Thanks to all shareholders for your huge support!??????? — Akinwumi A. Adesina (@akin_adesina) October 31, 2019 African Development Bank […]

News

AfDB to Adopt ABUAD Teaching Hospital as Staff’s Medicare Centre

Ihesiulo Grace 4 October 2019 0

The African Development Bank (AfDB) has revealed its willingness to adopt the multi system Afe Bablola University Teaching Hospital, Ado Ekiti (ABUTH) as partner that will offer medical services to its staff across the continent. The bank expressed happiness over the huge investment on the 400 beds hospital, which described as a pride to Africa […]

Business

AfDB, AFAP sign $5.4m agreements to foster fertilizer market in Nigeria, Tanzania

Ihesiulo Grace 9 September 2019 0

The African Development Bank and the African Fertilizer and Agribusiness Partnership (AFAP) have signed two grant agreements to implement trade credit guarantees worth $5.4 million to support fertilizer value chains in Nigeria and Tanzania, potentially benefit hundreds of thousands of smallholder farmers. The organisations held a signing ceremony at the African Green

Business News

Nigeria’s electric project boosted by $200m AfDB loan

Ihesiulo Grace 4 December 2018 0

The African Development Bank (AfDB) group has approved $150 million sovereign loans to the Federal Government of Nigeria to finance the Nigeria Electrification Project (NEP). There is also, an additional $50 million facility by the People’s Bank of China and administered by the AfDB to the Federal Government of Nigeria to co-finance the project. The […]

Business

AfDB to provide $120m for Agricultural transformation in Africa

Ihesiulo Grace 26 November 2018 0

It is expected that 40, 000 farmers in Africa will benefit from the Technology for African Agricultural Transformation (TAAT) project, initiated by The African Development Bank (AfDB), Krishan Bheenick has said. Bheenick, the TAAT Coordinator, also stated that the seed fund will be in tranches of $40, 000 which will span for a period four […]

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China-Africa economic relations may soon create new debt crisis-AFDB

Ihesiulo Grace 30 October 2018 0

…Injects $160bn loans, aid in 3 years …As Dangote, Elumelu, others nominated for Africa economic Awards The African Development Bank (AfDB) has expressed worry that China’s economic relationship with Africa suggests that it mainly targets her natural resources rather than investment and transformation in African countries. This is even as China lifted

Business

IFC, AfDB, other DFIs unlock $9bn for developing countries

Ihesiulo Grace 11 October 2018 0

International Finance Corporation (IFC), a member of the World Bank Group; African Development Bank (AfDB) and other development finance institutions (DFIs) last year used about $1.2 billion in concessional funds to support nearly $9 billion in private investment projects in emerging markets, according to a new DFI report that highlights how blended concessional finance

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AfDB launches first Africa-to-Africa Investment Report

Ihesiulo Grace 25 September 2018 0

Opportunities for investment in Africa outweigh the obstacles, according to a report by leading African companies covered in the African Development Bank’s new Africa-to-Africa (A2A) Investment Report, the first ever report on inter-African trade published by the Bank. The report unearths the realities African companies face when investing in the continent, the emerging