African Development Bank's Lifeline Lifted Nigeria Out Of Recession

Frederick Owens
January 20, 2018

In support of the country's effort to improve Egyptians' quality of life, the African Development Bank approved the disbursement of the third, and final $500 million tranche of the $1.5 billion loan to Egypt to finance Egypt's Economic Governance and Energy Support Program Phase III, the bank said in a statement on Wednesday. "These projects continue to create thousands of direct and indirect jobs in many parts of our economy".

Meanwhile, AfDB has condemned what it referred to as ' an unacceptably' high level of poverty in Nigeria saying most of the country's population now live below $2 a day as poverty has grown up to nearly 80 per cent of Nigeria's population as at last year.The bank's declaration is contained in its Regional Country Report for 2018 launched yesterday.

Your Excellencies, Distinguished Ladies and Gentlemen, as we celebrate the commissioning of this world-class edifice, I wish to reiterate the commitment of the Buhari Administration to the Bank's strategy in Nigeria.

Just to underscore the love between the AFDB and Nigeria, as the President aptly described it as a marriage, we have loaned our own Dr. Akinwunmi Adesina to the bank, as he is to our great pride, Nigeria's first President of the Bank.

He announced that the Bank would organise the Africa Investment Forum on November 7-8, 2018 in Johannesburg, South Africa, to mobilise funds for infrastructure development, to bridge an estimated funding gap of $130-$170 billion a year, up from previous estimates of USA $100 billion per year.

We will continue to be a strong and committed partner of the African Development Bank, and to lead by example.

He said "The AfDB strongly supports Nigeria and always will".

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"We're guided by the trajectory of a growing Africa, a more resilient Africa and an Africa that must absolutely develop with what it has".

"President Buhari, represented at the ceremony by Vice President Yemi Osinbajo said:" During Nigeria's challenging moment in 2016, we approached the bank for intervention and the intervention was swift with the approval of $1 billion.

"Agriculture must be at the forefront of Africa's industrialization", according to Adesina, who also said that integrated power and adequate transport infrastructure would facilitate economic integration, support agricultural value chain development and economies of scale which drive industrialization.

"We will accelerate support for infrastructure and the energy sector". This year, we will be investing this year $200 million in the Transmission Company of Nigeria to support the rehabilitation of existing transmission lines in partnership with the World Bank.

"It sends a strong message that the African Development Bank appreciates Nigeria".

"With its large market of over 185 million people, Nigeria will continue to be an important player in the Bank's work, advancing efforts to boost regional integration within the Economic Community of West African States (ECOWAS) in particular and Africa as a whole".

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