The African Development Bank (AfDB) will increase its level of investment in Nigeria from  the present $6 billion to $8 billion.  The President of the Bank, Mr. Akinwumi Adesina has announced.

Mr. Adesina disclosed this yesterday at the opening of the AfDB Nigeria Country Office in Abuja, Adesina said the bank strongly supports Nigeria and always will. “You can tell by our level of investments in Nigeria to the tune of $6 billion”

According to Adesina,  “The African Development Bank was were there when it mattered most. For a partner in times of need, is a great partner indeed. The African Development Bank approved and disbursed budget support of $600 million to Nigeria, as it faced its worst recession in decades. Our support went beyond money: it demonstrated our strong commitment to help stabilize Africa’s largest economy.”

“We will accelerate support for infrastructure and the energy sector. 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.”

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“We’ve invested $500 million in the Development Bank of Nigeria. We expanded private equity investment in agriculture. We put in $18 million into the Fund for Financing Agriculture in Nigeria (FAFIN). This year, we will be investing this year $200 million in the TCN to support the rehabilitation of existing transmission lines in partnership with the World Bank. We’ve invested $100 million in the Mainstream Power IPP in Jebba and Kanji, to add 700 MW to the national grid.”

“Our private sector investment includes $300 million in Dangote Industries to promote refining of petroleum products, and $100 million to support Indorama Eleme fertilizer company as part of a $1.2 billion syndicated financing package that will produce 1.4 million MT of fertilizers, and expect to generate $2.1 billion in export earnings over the project life. We invested over $134 million in OLAM in agriculture.”

The AfDB boss further explained that the bank support also extends to the financial sector.

“Several Nigerian banks have benefitted from $1.8 billion in lines of credit, including Access Bank, Fidelity Bank, Stanbic IBTC, First Bank, WEMA bank, Zenith Bank, GT Bank and the Bank of Industry and NEXIM.”

He said the building  which is the first of its kind by the bank in any member country, makes a bold statement, “Specifically, that the African Development Bank is here to stay in Nigeria. It sends a strong message that the African development bank appreciates Nigeria. And it sends a message that Nigeria’s place in the integration of Africa, especially in West Africa, cannot be ignored.””

“We cannot ignore the fact that Africa’s largest economy is now out of recession and projected to grow at 2.3 per cent this year. I highly commend the Government for all the hard work and efforts to change the trajectory of the economy for good. Congratulations!”