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Tag: AfDB

Electricity

W’Bank, AfDB to connect 50 million Africans to electricity

The World Bank and the African Development Bank have announced that Mission 300, an initiative aimed at providing electricity to 300 million Africans by 2030, has connected more than 50 million people to power across 40 countries, nearly two years after its launch. Nairametrics reported that this was disclosed in a joint statement issued by […]

Finance

Nigeria’s private sector credit remains below economic peers — AfDB

Nigeria’s banking sector extends credit to the private sector equivalent to just 9.4 per cent of the country’s Gross Domestic Product, underscoring the limited role of financial institutions in supporting business expansion despite ongoing reforms aimed at deepening financial inclusion and stimulating economic growth. This was disclosed in the African Development Bank’s 2026 African Economic […]

Business

Africa can unlock $469bn annually without raising taxes – AfDB

The African Development Bank has said Africa could generate more than $469 billion in additional annual revenue without raising statutory tax rates, stressing that stronger tax administration and improved compliance could significantly boost government earnings across the continent. This was disclosed by made by the Chief Economist and Vice-President for Economic Governance and Knowledge Management […]

Investment

AfDB commits $125m to boost African infrastructure investment

The African Development Bank is set to invest $125 million in the African Trade and Investment Development Insurance, a move that will make the continental lender the institution’s largest shareholder while strengthening efforts to attract greater private sector investment into infrastructure and development projects across Africa. The disclosure was made by AfDB President, Sidi Ould […]

Electricity

Power outages cost Nigerian firms 3% annual sales — AfDB

Power outages are costing Nigerian businesses an estimated three per cent of their annual sales, forcing firms to spend heavily on alternative power sources and exposing the economic cost of the country’s infrastructure deficit. This is according to the African Development Bank’s African Economic Outlook 2026 report, which found that unreliable electricity supply has become […]

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70% of Nigerian firms depend on generators amid power crisis – AfDB

The African Development Bank has disclosed that 70.7 per cent of businesses in Nigeria either own or share electricity generators as they grapple with chronic power shortages, with outages reducing annual sales by an estimated three per cent. The revelation was contained in the bank’s 2026 African Economic Outlook report, which examined fiscal policy and […]

Investment

North-East Nigeria tops AfDB’s projects while South-East lags behind

The North-East emerged as the biggest clearly identifiable regional beneficiary of African Development Bank-backed projects in Nigeria, while South-East infrastructure projects lagged in disbursement despite lean approvals. This is according to the AfDB’s 2025 Country Portfolio Performance Review for Nigeria, which assessed the bank’s project performance, disbursement trends and implementation challenges as of December 2025. […]

Appointments

AfDB appoints Keyamo as African champion for $7bn aviation programme

The African Development Bank has appointed Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, as the African champion for its newly unveiled Integrated Aviation Transformation Programme for Africa, a $7bn initiative aimed at repositioning the continent’s aviation industry. Nairametrics reported that, according to the letter of appointment on Wednesday, the appointment follows what it […]

Opinion

Africa can save $299bn annually via better investment efficiency — AfDB

The African Development Bank has stated that African countries could save as much as $299 billion annually through improved public investment efficiency while unlocking trillions of dollars in development financing through stronger reforms and better domestic resource mobilisation. Nairametrics reported that the disclosure was contained in the 2026 African Economic Outlook report released during the […]

Business

AfDB approves $61m facility to support women-led MSMEs in Nigeria

The African Development Bank Group has approved a $61 million financing package for the Development Bank of Nigeria to boost access to affordable loans for women-owned and women-led micro, small and medium enterprises across Nigeria. The disclosure was contained in a statement published on the bank’s website on Friday. According to AfDB, the funding is […]

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