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  • Business - Economy
  • Updated: May 24, 2024

AfDB invests $1.44 billion in Nigeria’s infrastructure development

AfDB invests $1.44 billion in Nigeria’s infrastructure dev

To aid the development of energy and power, transport, water, and sanitation infrastructure in Nigeria, the African Development Bank, AfDB, has announced an investment of $1.44 billion.

Akinwunmi Adeshina, the President of the financial institution, made this disclosure in a statement at the Nasarawa Investment Summit 2024, which took place on May 15-16 in Lafia, the capital of Nasarawa State. 

Lamin Barrow, the Director-General of the AfDB’s Nigeria Country Department, who represented Adeshina, said Nigeria faces a huge infrastructure deficit, inhibiting the country’s efforts to diversify its non-oil production and achieve international competitiveness for exports. 

He said that according to the 2020 National Integrated Infrastructure Master Plan, Nigeria needs to invest an estimated $2.3 trillion in total infrastructure between 2020 and 2043.

This investment, he said, is crucial to elevate its infrastructure stock to the international benchmark of 70% of GDP.  

“To address this problem, the African Development Bank is supporting the federal and state governments to improve the national and states’ infrastructure. As of April 2024, 31 per cent of the Bank’s active portfolio, valued at $1.44 billion, is supporting infrastructure development in Nigeria,” Barrow quoted Adesina as saying.

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