AfDB’s Total Commitment To Nigeria Hits $5bn

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The African Development Bank has said its active portfolio in Nigeria comprised 61 operations, with a total commitment of about $5bn as of December, up from $4.5bn in March 2019.

The AfDB disclosed this on Friday while announcing the approval of Nigeria’s Country Strategy Paper 2020-2024 by its board of directors.

“Of the total active operations, 29 were in the public sector, with a commitment of $2bn (43 per cent) and 32 non-sovereign operations with a total commitment of $3bn, equivalent to 57 per cent of the total portfolio,” it said.

The bank said the new strategy paper was approved by the board on May 27.

The new five-year strategy builds on the successes and challenges of the 2013-2019 edition, and incorporates emerging developmental realities and opportunities shaping Nigeria’s political and economic landscape, including in the post-COVID-19 period, according to a statement issued by the bank.

AfDB’s Senior Director, Nigeria, Ebrima Faal, reaffirmed the institution’s support for the country’s socio-economic advancement.

“In the implementation of the CSP, the bank will also support Nigeria to address economic shocks associated with the COVID-19 pandemic and oil price shocks by focusing our interventions in sectors that will strengthen public health infrastructure and accelerate efforts towards economic transformation and diversification of export earnings and fiscal revenues from oil,” Faal said.

The bank said the 2020-2024 CSP identified supporting infrastructure development and promoting social inclusion through agribusiness and skills development as key priority areas for Nigeria.

It said, “These priorities have been selected to leverage Nigeria’s rich endowment of natural and human resources towards transforming the lives of its people.

“It is in this context that the new CSP has been customised to support government efforts in confronting challenges and to foster long-term, socially inclusive development.”

The bank said under the CSP, it would deploy a combination of sovereign and non-sovereign financing instruments to support the two priority areas, including investment and institutional support projects, evidence-based analytical work in numerous economic sectors, policy dialogue and provision of advisory services.

It said special focus would be put on supporting the Nigerian private sector, in terms of financing and advisory services, and on public-private-partnership initiatives that would enable innovative, long-term investment in energy, transport and water and sanitation.

The statement said, “The strategy paper is the result of participatory consultations with a range of key stakeholders, both state and non-state actors as well as bilateral and multilateral development partners.”

It added that the country strategy fully aligned with the bank’s 10-year strategy, the High 5 priorities and Nigeria’s own Economic Reform and Growth Plan, as well as the global Sustainable Development Goals.

Meanwhile, The Bureau of the Board of Governors of the African Development Bank has authorised an independent review of the report of the ethics committee of the Board of the Directors and submission made by President of the bank, Dr Akinwumi Adesina.

The bureau of the Boards of Governors of AfDB made the resolution in a communique issued by the chairperson of the bureau, Ms Niale Kaba, after their meeting on Thursday.

The U.S. Department of Treasury had called for an independent probe of allegations levelled against Dr Akinwumi Adesina, AfDB president on corruption after being cleared by the bank’s ethics committee.

The position of US representative in the bank had been condemned by many African leaders and some sitting presidents in Africa as they rallied support for Adesina.

— Punch

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