African Development Bank to invest $10BN in Nigeria

African Development Bank

African Development Bank (ADB) has said that Nigeria despite its financial crisis is not facing a debt crisis.

The bank’s President, Doctor Akinwunmi Adesina, gave this indication while addressing the state house correspondents after meeting with the presidential economic management team at the presidential villa, Abuja.

He said, “We will support Nigerian government with the budget support to be able to deal with some of the domestic fiscal imbalance that they have.

“We are looking to consider for the board $1 billion to help them to deal with that particular deficit that is there.

“In addition to that, there are other challenges that the economy has which is in terms diversifying and deepening the level of diversification in critical sectors.

“So agriculture, solid minerals very important; manufacturing as well as industrial sector is very important.

“So the bank will provide in total between 2016 and 2017 a total of $4.1 billion to Nigeria in various areas of power, infrastructure to agriculture and the private sector for SME financing and lending.

“I expect that our portfolio in Nigeria will not decrease; it will actually grow.

“We expect to invest in Nigeria by 2019 a total of $10 billion in terms of our portfolio.’’

The continental bank, according to him would invest about $10 billion in Nigeria between now and 2019, including $4.1 billion between now and 2017.

One billion of the credit, according to Adesina is to support the 2016 budget, $300 million for creating 185,00 new jobs, $250,000 for the infrastructural projects in the north east region, $1million grant for internally displaced persons, and $300 million for Abuja infrastructural projects,

Also, $200 million is for transmission company of Nigeria, while EFCC will get $2 million and ICPC will Receieve $1 Million, while other sectors, including power, agriculture, Small Scale Entreprises will also benefit from the loan.

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