Nigeria Wants AfDB's West Africa Regional Office In Abuja
- Author: Ismael Montgomery Jan 20, 2018,
Jan 20, 2018, 3:37
The African Development Bank says that the continent needs at least US$130 billion for infrastructure development each year.
President Muhammadu Buhari is expected to commission the bank's Regional Country Office in Abuja this morning. "Poverty is unacceptably high; almost 80 per cent of Nigeria's 190 million people live on less than $2 a day", the bank said in its report.
Vice President Yemi Osinbajo has said that Nigeria will be getting $400m from the African Development Bank soon as sector loans.
Buhari recalled that Nigeria from inception has been an important stakeholder as a major shareholder and that the decision to locate its first office outside the headquarters in Nigeria, signifies the recognition. And we have through the years shared the Bank's vision and objectives.
New infrastructure financing gap estimates and innovative ways through which African countries can raise funds for infrastructure development are among the highlights of the 2018 edition of the report. "These projects continue to create thousands of direct and indirect jobs in many parts of our economy".
"The Bank approved a budget support loan of U.S. $1 billion in November 2016".
"I said at the time that Nigeria was too big to fail".
The AfDB was there for Nigeria when the country faced economic downturn from the recession.
This building here in Abuja is, among other things, an important symbol of the special relationship between the AfDB and Nigeria - a founding member and the largest shareholder of the Bank from inception to date. We were there when it mattered most- for a partner in time of need is a great partner indeed. "His Excellency Vice-President Osinbajo made the point when he referred to the U.S. $1-billion budget support loan for which we have drawn only $600 million", she explained.
" It is in this regard that I will like to put on record Nigeria's strong desire and demand to host the regional hub of AfDB".
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Citing data from the 2018 report, Adesina said infrastructure projects were among the most profitable investments any society can make, as they "significantly contribute to, propel, and sustain a country's economic growth". You can tell by the level of our investments in Nigeria to the tune of $6 billion.
According to Dr. Adesina, the bank's current investments in Nigeria totalled $6 billion, spread over 73 projects.
"Our support went beyond money: it demonstrated our strong commitment to help stabilize Africa's largest economy", he added.
The program supports Egypt's comprehensive structural reform agenda aimed to drive fiscal consolidation, strengthen governance and efficiency in the energy sector, and enhance the business operating environment, especially for micro, small and medium-sized enterprises.
She said that the programmes of High Five's favoured pro-poor growth and inclusive development, both of which were desperately needed on the continent.
"We've invested U.S. $500 million in the Development Bank of Nigeria".
The AfDB boss disclosed that the bank had invested $500m in the Development Bank of Nigeria and would also be committing $200m in the Transmission Corporation of Nigeria.
He also highlighted the relatively unknown win-win situation that Africa's industrialisation can generate within the developed world, citing data from the report, which notes that "increasing the share of manufacturing in GDP in Africa (and other less developing countries) could boost investment in the G20 by about $485-billion and household consumption by about $1,4-trillion".
Area where the balance of the $400 million would be deployed once disbursed is in the North East region where he said some 10 million people are struggling to return to normal life following the devastating displacement by the activities of Boko Haram.