AfDB to invest $100m in Ogun state

Governor Ibikunle Amosun of Ogun State

African Development Bank (AfDB) intends to invest about 50 billion naira ($100 million) on agriculture, infrastructural development, as well as the small and medium scale enterprises in Ogun state.

The outgoing country director of the bank, Doctor Ousmane Dore, announced the proposed investments during a courtesy call on Governor Ibikunle Amosun at the Governor’s Office, Oke Mosan, Abeokuta.

He said the bank has earmarked over 700 million dollars for its five programmes in Nigeria in five states, including Ogun state, to pilot the different initiatives in Nigeria.

Under the agricultural transformation support programme, the AFDB country director explained that about 200 million dollars will be spent on the training and funding of graduates and planting of crops.

About 500 million dollars, according to him, will also be loaned to the small and medium scale development entrepreneurs in the country.

In his response, Governor Amosun said that his administration is ready for the massive investment which the bank is proposing to bring to the state.

Such proposed investments, the governor explained, will further encourage youths to take to agriculture, help small and medium scale businesses and boost the revenue generation of the state.

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