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Tag: AfDB

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 […]

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
News

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
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 […]

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