Wednesday, 14 November, 2018

AfDB predicts growth for Nigeria

VP Yemi Osinbajo inaugurates AfDB country office African economies to grow globally in 2018 (AfDB)
Ben Pena | 20 January, 2018, 03:39

Nigeria is the African Development Bank's largest shareholder with a portfolio of approximately U.S. $6 billion and country operations accounting for 13% of the Bank's total portfolio.

"Through this investment, the African Development Bank has made Nigeria the first regional member-country to host the Bank-owned office complex".

The development of the office complex came on the heels of the Board of Directors' approval of the "Rent or Acquire Premises for Field Offices" policy; and following the recommendation to construct a new office in Nigeria, construction started in January 2016.

The African Development Bank (AfDB) has predicted a positive outlook for Nigeria's economic in 2018.

"The bank's support will help the government's reform agenda, provide further fiscal space to help the most vulnerable segments of the population, and improve the quality of life and well-being of its citizens", said Abdoulaye Coulibaly, acting director of the bank's governance and public finance management coordination unit.

In his remarks, the AfDB president stated that the bank would continue to support Nigeria and other African countries in order to accelerate the development of infrastructure and energy on the continent.

The AfDB Group was established on September 10, 1964 and began operations in Nigeria in 1971.

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.

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Osinbajo, who represented President Muhammadu Buhari at the inauguration of AfDB's Nigeria Country Department Building in Abuja on Thursday said Dr. Akinwumi Adesina the bank's president had confirmed that the money would be given to the country as sector loans.

The African Development Bank has revised previous estimates by more than 30% in its African Economic Outlook report for this year. "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".

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

"So we are looking forward to the remaining US$400 million". We've invested $100 million in the Mainstream Power IPP in Jebba and Kanji, to add 700 MW to the national grid.

Adesina also highlighted the relatively unknown win-win situation that Africa's industrialization 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 USA $485 billion and household consumption by about United States $1.4 trillion".

The new office building, he explained, makes a bold statement that the African Development Bank is here to stay in Nigeria. We can not ignore the fact that Africa's largest economy is now out of recession and projected to grow at 2.3% this year.

Similarly to these economies, Nigeria and South Africa, the continent's leading economies, should grow also.

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