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HomeNewsNigeria emerges country with largest AfDB investment in Africa

Nigeria emerges country with largest AfDB investment in Africa

  • The AfDG’s DG said portfolio investments in Nigeria at $4.4 billion rank among the greatest in the region
  • He, however, noted that the investment has dropped from 36% to 32% in the first three quarters of 2023
  • He said 48 distinct fundings were split equally between the nation’s public and private sector operations

With a total commitment value of $4.4 billion, the African Development Bank’s portfolio investments in Nigeria rank the greatest among the Regional Member Countries, according to Mr Lamin Barrow, Director-General of the Nigerian Country Department.

Barrow stated this at the 2023 Country Portfolio Performance Review Workshop in Abuja, where he said this performance is lower than the $5 billion in portfolio value in 63 operations noted in 2022.

Nigeria has the highest AFDB’s investment in Africa – DG
AfDB’s DG of Nigeria country department said 48 distinct fundings were split equally between the nation’s public and private sector operations. Photo Credit: FG, AfDB
Source: UGC

Fundings were split equally between public and private sector operations.

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Reiterating the bank’s commitment to encouraging investments in the nation, Barrow stated that 48 distinct fundings were split equally between the nation’s public and private sector operations, according to Punch report.

He said:

Currently, the bank’s portfolio in Nigeria is one of the largest among the Regional Member Countries, with a total commitment value of $ 4.4bn. These comprised of 48 operations fairly evenly distributed between public and private sector operations.

Barrow added that from 36% in January 2023 to 32% in September 2023, the percentage of flagged operations has dropped.

He said the bank could achieve 100% compliance by closely monitoring the procurement plans and implementation procedures.

He said:

“We are pleased that the share of start-up delays has been reduced from 32 percent of flagged operations in June 2023 to 28 percent in October 2023, and is expected to reach eight percent by the end of 2023 with timely and targeted actions for some projects.

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“Some of our portfolio performance metrics have also improved. In particular, operations flagged for implementation challenges decreased from 36 percent in January 2023 to 32 percent in September 2023.”

Earlier, Legit.ng reported that the development bank and the Global Centre on Adaptation (GCA) promised $996.6 million to boost young entrepreneurs in Africa.

“Apply Now”: African Development Bank Announces Paid Internship Opportunities, Lists Criteria

The African Development Bank (AfDB) has announced exciting internship opportunities for students seeking professional experience, Legit.ng reported.

In a message shared on its website, AfDB said selected candidates will be deployed in various departments at Headquarters (Abidjan, Côte d’Ivoire) and regional and Country Offices.

The bank has also mentioned that selected interns will receive monthly stipends, which will assist in obtaining entry and residence visas for those requiring them.

Source: Legit.ng