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Tag: AfDB

AfDB President Adesina criticizes border opening for food imports
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Nigeria’s inflation rate to peak at 24.7% in 2025 – AfDB

The African Development Bank, in its latest African Economic Outlook 2025, projects that Nigeria will experience an average inflation rate of 24.7% in 2025, before significantly declining to 17.3% in 2026. The report identifies inflation as one of the most urgent challenges facing Nigeria’s economy in the near term. On Tuesday, Nigeria approved a new […]

AfDB President Adesina criticizes border opening for food imports
Banking

AfDB’s capital surges 241.9% in a decade

The African Development Bank has recorded a remarkable 241.9% increase in its capital base over the past decade, rising from $93 billion in 2015 to $318 billion in 2025. This marks the largest financial expansion in the Bank’s history, positioning it for a major leadership transition this week. Speaking at a breakfast meeting with pressmen […]

Nigerians worse off than in 1960, says AfDB President Adesina
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Nigerians worse off than in 1960, says AfDB President Adesina

The President of the African Development Bank, Dr. Akinwumi Adesina, has raised alarm over Nigeria’s worsening economic conditions, warning that the country is experiencing a deeper regression than many realise. Speaking at the 20th anniversary dinner of investment firm Chapel Hill Denham in Lagos, Adesina revealed that Nigeria’s current GDP per capita stands at $824—less […]

Economy

AfDB to commit $650m annually to accelerate Nigeria’s economic growth

The African Development Bank Group has unveiled a bold five-year Country Strategy Paper for Nigeria, pledging approximately $650 million annually from 2025 to 2030 to catalyze economic transformation and foster resilience. In a statement on Thursday, AfDB stated that it will provide $2.95 billion over the first four years of the plan, with an additional […]

AfDB launches new country strategy to boost agriculture in Nigeria
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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
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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
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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 […]

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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
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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
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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 […]

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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. […]

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