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AfDB pledges support towards boosting Nigeria’s economy

by Haruna Gimba

By Asmau Ahmad

The African Development Bank (AfDB) has pledged support toward revamping Nigeria’s economy.

President of the Bank, Dr Akinwumi Adesina, made the pledge during a meeting with Nigeria’s President, Bola Ahmed Tinubu at the New Global Finance Pact Summit in Paris.

The AfDB president, via his verified Twitter handle, @akin_adesina said: “I had a great meeting with Tinubu during the New Global Finance Pact Summit in Paris.

“I was impressed by his commitment to bold and sound policies for Nigeria’s economy. The AfDB will strongly support his vision for the Nigerian economy.”

President Tinubu commended Dr Adesina and AfDB, for the Bank’s investment of 520 million dollars in the Special Agro-processing Zones Programme, which was reputed as the largest in scope and size in Africa.

He assured the AfDB president that the Federal Government would continue to provide necessary support for the Bank’s projects and operations in Nigeria.

AfDB’s portfolio in Nigeria comprise of 48 operations for a total commitment value of $4.2 billion.

The national (Federal and States) operations account for 90 per cent of the portfolio, for 41 projects amounting to $3.79 billion, while multinational operations constitute 10 per cent, for seven projects amounting to $0.41 billion.

There are 24 Sovereign Operations ($2.36 billion or 56 per cent of total commitments) and 24 Non-Sovereign Operations ($1.84 billion or 44 per cent).

A mapping of the portfolio to the High 5s shows a balanced distribution. Industrialise Africa has the highest share (45 per cent).

This is followed by Improve the Quality of Life for the people of Africa (18 per cent), Light up and Power Africa (14 per cent), Feed Africa (13 per cent), and Integrate Africa (10 per cent).

Also, the performance of the Bank’s public sector portfolio in Nigeria has been satisfactory.

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