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Tag: AfDB

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

AfDB approves $5.52m grant to boost W’African tax systems

The African Development Bank Group has approved a $5.52 million grant to strengthen tax administration and boost domestic revenue mobilization in Nigeria and other West African countries. The announcement was made in a weekend statement confirming the signing of a grant agreement between the bank and the West African Tax Administration Forum. The initiative aims […]

Investment

AfDB approves $200m loan for Nigeria’s climate-smart agriculture boost

The African Development Bank Group has approved a $200 million loan to Nigeria to support climate-smart and technology-driven agriculture. The approval was disclosed in a statement by the Bank. The financing aims to strengthen food security, boost productivity, and improve agricultural value chains. The loan will fund the second phase of the Federal Government’s National […]

featured Finance

AfDB approves $500m loan for Nigeria energy transition support

The African Development Bank Group announced on Wednesday that it has approved a $500 million loan facility for Nigeria. This substantial funding is specifically designated to support the second phase of the country’s economic governance and energy transition support programme. This facility is designed to bolster Nigeria’s comprehensive efforts to modernize its electricity infrastructure, significantly […]

Business

AfDB approves $22.8m grant to boost Mozambique’s food security

Mozambique is set to receive a $22.8 million agricultural grant from the African Development Bank to tackle rising food insecurity and malnutrition amid increasing climate-related challenges. The East African nation, home to over 35 million people, currently produces only half of the rice it consumes annually, around 600,000 tons, making it heavily reliant on imports […]

FG signs €995m deal to boost Nigerian agriculture sector
Agribusiness

Nigeria secures AfDB funding for agricultural expansion

The Federal Government has secured an enhanced funding commitment from the African Development Bank to operationalize the second phase of the Special Agro-Industrial Processing Zones. This project aims to scale up climate-resilient infrastructure and inclusive agro-industrial growth across 24 states, expanding from the initial eight states and the Federal Capital Territory. The SAPZ Phase 2 […]

Appointments featured

Sidi Ould Tah sworn in as new AfDB president

The swearing-in ceremony of Dr. Sidi Ould Tah as the 9th President of the African Development Bank Group commenced on Monday morning at the Sofitel Abidjan Hôtel Ivoire in Abidjan, Côte d’Ivoire. The event marked a significant leadership transition for the Bank, ushering in a new chapter under Dr. Tah’s stewardship. According to AFDB on […]

Economy

AfDB, Nigeria launch workshop to boost trade with Benin, Cameroon

The African Development Bank, in collaboration with Nigeria’s Federal Ministry of Industry, Trade, and Investment, has launched a technical workshop to strengthen trilateral trade cooperation among Nigeria, Benin, and Cameroon. The two-day workshop, which opened on Thursday at the AfDB office in Abuja, seeks to refine and expand trading mechanisms among the three countries in […]

Banking

AfDB commits $1.2m grant to support Nigeria’s power sector

The African Development Bank has committed $1.2 million in grants to fund a feasibility study on Battery Energy Storage Systems in Nigeria. According to the Bank, the project will explore how BESS can be integrated into Nigeria’s power grid, identify viable business and regulatory models to attract private investment, and develop the institutional capacity necessary […]

Banking

AfDB flags off $263.8m infrastructure project in Abia

The African Development Bank has launched a $263.8 million integrated infrastructure project in Abia State to upgrade urban infrastructure and rehabilitate more than 248 kilometres of roads in Umuahia and Aba. In a statement released on Wednesday, the bank said the project—officially flagged off on July 11, 2025—is being carried out in collaboration with the […]

Banking

Nigeria’s debt servicing hits 4.1% of GDP in 2024 — AfDB

Nigeria’s debt servicing burden climbed to 4.1% of its Gross Domestic Product in 2024, up from 3.7% the previous year, according to the African Development Bank’s latest Country Focus Report. The increase signals mounting financial pressure driven by higher borrowing costs amid tightening global markets and elevated domestic interest rates. The AfDB report highlights that […]

News

Nigeria’s development goals threatened by governance, institutional failures – AfDB

Persistent governance shortcomings continue to hinder Nigeria’s ability to mobilise development finance, despite recent economic reforms, according to the 2025 Nigeria Country Focus Report released by the African Development Bank. Launched in Abuja on Thursday and titled “Making Nigeria’s Capital Work Better for Its Development”, the report warns that Nigeria is struggling to attract and […]

Banking

AfDB, BOI sign $75m deal to boost local healthcare manufacturing

The African Export-Import Bank and Nigeria’s Bank of Industry have signed a $75 million financing term sheet to support local manufacturers under Nigeria’s Presidential Initiative for Unlocking the Healthcare Value Chain. The agreement, formalized on Thursday during the commissioning of Afreximbank’s African Medical Centre of Excellence in Abuja, aims to bolster domestic production of generic […]

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