Adeosun: AfDB provided us with $1bn support during recession

In her address, the Minister of Finance, Mrs. Kami Adeosun, urged the AfDB to make Nigeria the bank's regional hub.

"The AfDB has proved to be quite dependable in the Nigeria's ongoing economic reforms and also ticks all the right boxes of strengthening our recovery efforts", Adeosun said.

He stated, "Since 1971, the Nigeria Country Office has served as an important convening point for the bank, the Federal Government and state governments and the private sector".

This was disclosed in the institution's African Economic Outlook 2018 report, released yesterday in Abidjan, Côte d'Ivoire. "The first tranche of United States $600 million has been fully disbursed and utilized, and, in my discussions with the President of the Bank, we will be getting the remainder in the form of sector loans, so we are looking forward to the remaining USA $400 million", he said.

Earlier in his remarks, Akinwumi Adesina the President of the African Development Bank, said the Bank would continue to support Nigeria and other African countries in order to accelerate the development of infrastructure and energy in the continent.

The African Development Bank (AfDB) yesterday said its $1 billion emergency lifeline approval support to Nigeria previous year was what helped to pull the country out of recession, the country's worst economic crisis in more than a decade.

"The Bank's portfolio in Nigeria is now about $6 billion and we expect these investments to grow to $8 billion by the 2019,"he said".

"The signaling effect of that singular act gave the country's foreign reserves the much-needed boost, which helped stabilized the Nigerian currency - the Naira", she said.

According to her, about three months ago, the World Bank adjudged Nigeria to be one of the 10 most improved economies in the world in 2017, with regards to ease of doing business and investment climate.

Praising the bank for its support, he acknowledged the approved the budget support loan of US$1 billion in November 2016. Our investments are structured around our High 5 priorities: "Light up and power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the quality of life for the people of Africa", Adesina said.

The President of the African Development Bank, Akinwumi Adesina, thanked the Government of Nigeria for its very strong support.

At the same time, the banks's chief economist Céléstin Monga says the report also proposes a menu of financing instruments all countries on the continent can tap in to.

He said AfDB has earned a special place in the heart of the country and pledged Nigeria's commitment to continue to be a major player in the bank towards making it strong to deliver on its vision.

The Minister of Finance expressed Nigeria's profound appreciation to the Bank for "doing business slightly differently from other multilateral development banks and worldwide financial institutions".

The building is the bank's first permanent building outside Cote D'Ivoire where its headquarters is.

  • Aubrey Nash