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Tag: AfDB

AfDB launches new country strategy to boost agriculture in Nigeria
News

AfDB launches new country strategy to boost agriculture in Nigeria

The African Development Bank Group has unveiled a new Country Strategy Paper aimed at boosting agriculture and enhancing economic growth in Nigeria. A delegation led by Dr. Abdul Kamara, Director General of AfDB’s Nigeria Country Department, recently met with Nigeria’s Finance Minister, Wale Edun, to strengthen collaboration in key sectors. Dr. Kamara highlighted the launch […]

AfDB, ECOWAS sign $12m agreement to boost Rice production
News

AfDB, ECOWAS sign $12m agreement to boost Rice production

The African Development Bank and the Economic Community of West African States Commission have signed a $12 million grant agreement to implement the Rice Resilient Value Chains Development Project, a major initiative aimed at enhancing food security across West Africa. The signing ceremony, held at the ECOWAS Commission Headquarters in Abuja, Nigeria, marks a significant […]

AfDB to provide $230m trade finance package for Access Bank
News

AfDB to provide $230m trade finance package for Access Bank

The African Development Bank is set to roll out a $230 million trade finance package for Access Bank Plc, aimed at enhancing trade finance activities and improving foreign exchange liquidity for small and medium-sized enterprises in Nigeria. According to a Project Summary Note, the financing package comprises two key components: a $170 million Trade Finance […]

featured News

AfDB announces candidates for 2025 presidential election

The African Development Bank has officially announced the five candidates cleared to contest its upcoming presidential election, scheduled for May 29, 2025. The election will determine the next leader of the AfDB, a crucial institution driving Africa’s economic development and financial stability. According to a statement issued by the AfDB, the candidates were approved by […]

AfDB President Adesina criticizes border opening for food imports
News

AfDB, Interpol partner to tackle financial crimes

The African Development Bank Group has signed a Letter of Intent with the International Criminal Police Organization to enhance cooperation in combating corruption, financial crime, cyber-enabled fraud, and money laundering across Africa. According to the statement on Frida, this partnership, formalized on February 20, 2025, marks the first collaboration of its kind between a multilateral […]

Nigeria needs debt relief - AfDB
News

AfDB, W’Bank pledge $40bn to Mission 300 initiative

The President of the African Development Bank, Akinwumi Adesina, has announced that the AfDB and the World Bank Group are committing $40 billion to the Mission 300 initiative, which aims to provide electricity to 300 million Africans by 2030. This was disclosed by Adesina disclosure during his opening remarks titled, “From Ideas to Action to […]

News

Illicit flows cost Nigeria, others $1.6bn daily – AfDB

The African Development Bank Chief Economist, Kevin Urama, has disclosed that Africa loses approximately $1.6 billion daily due to illicit financial flows and profit shifting by multinational corporations operating on the continent. This significant financial leakage undermines economic growth and development in African nations. Urama made this revelation during an interview, according to The Punch. […]

AfDB launches new country strategy to boost agriculture in Nigeria
News

Nigeria, Africa need $74bn for debt servicing – AfDB

The Vice President and Chief Economist of the African Development Bank, Prof. Kevin Urama, revealed that Nigeria and other African countries need approximately $74 billion for debt servicing this year. This comes amid increasing challenges in accessing affordable liquidity, further straining the financial stability of these nations. Urama disclosed this during his opening remarks at […]

AfDB President Adesina criticizes border opening for food imports
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AfDB secures $2.2bn for Nigeria’s agro-Industrial hubs

The African Development Bank Group has mobilized $2.2 billion to support the second phase of Nigeria’s Special Agro-Industrial Processing Zones (SAPZ) initiative. This disclosure was made at the Africa Investment Forum in Morocco, where Nigerian governors, diplomats, multilateral organizations, and private sector investors gathered to demonstrate their commitment to advancing agro-industrial development, creating jobs, and […]

AfDB, ECOWAS sign $12m agreement to boost Rice production
News

AfDB offers strategic solutions for Africa’s debt, forex challenges

The African Development Bank has outlined key strategies for Nigeria and other African nations to address rising debt burdens and foreign exchange difficulties. These insights were shared by the Bank’s Vice-President for Economic Governance and Knowledge Management, Prof. Kevin Urama, in a recent interview with the News Agency of Nigeria. Urama discussed Nigeria’s debt profile, […]

News

21 states join AfDB’s N850bn agricultural programme

The African Development Bank has engaged 21 states for the second phase of its Special Agro-Industrial Processing Zones Programme. Governor Hope Uzodimma disclosed this to pressmen after the 146th National Economic Council meeting in Abuja. Uzodimma said the pilot phase, involving Kano, Kaduna, Kwara, Oyo, Ogun, Imo, Cross River States, and the FCT, is nearing […]