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Tag: AfDB

FG, AfDB discuss Coastal, trans-sahara highway projects funding
Electricity

Nigeria loses $29bn annually to poor electricity supply – AfDB

The African Development Bank has stated that Nigeria loses $29 billion yearly owing to inadequate power supplies, while manufacturers in the country spend up to N10.1 trillion on energy. The president of the African Development Bank, Dr. Akinwumi Adesina, revealed this information on Thursday as he expressed concern about Nigeria’s epileptic power supply and called for an industrial revolution […]

FG, AfDB discuss Coastal, trans-sahara highway projects funding
Economy

Fuel Subsidy: Nigeria’s economy lost $10bn in 2022 – AfDB

The president of the African Development Bank, Akinwumi Adesina has said that Nigeria’s economy lost 10 billion dollars due to fuel subsidies in 2022. According to the News Agency of Nigeria, at a speech in Abuja, Adesina claimed that Nigeria’s fuel subsidies assist the wealthy rather than the poor. The poorest 40% of the population, […]

AfDB partners ILX to increase investment in Africa
Business

AfDB partners ILX to increase investment in Africa

The African Development Bank and ILX Management B.V. have a contract to increase investments in the regional members of the Bank Group. The agreement, according to a statement from the bank, would also help institutional investors raise money for initiatives on the continent that are aimed at addressing climate change and the Sustainable Development Goals. […]

FG, AfDB discuss Coastal, trans-sahara highway projects funding
Banking

AfDB launches $5.9m financial support program for Africa

In order to strengthen the collaboration between African nations in the battle against illicit financial flows, the African Development Bank has announced the beginning of the African Financial Integrity and Accountability Support Project. The Coalition for Debate on Africa and the AfDB will join to launch the project with a $5.9 million project, according to […]

Bags of Fertilizers
Business Uncategorized

FG to initiate fertilizer subsidy for farmers  

  The Federal Government of Nigeria is making plans to initiate subsidy on fertilizer to farmers in the country through a programme financed by the African Development Bank and International Fund for Agricultural Development. According to The PUNCH, this information was disclosed in the IMF’s Selected Issues paper on Nigeria, prepared by fund’s team as […]

Nigeria needs debt relief - AfDB
Agribusiness Banking featured

AfDB’s $1.5bn agric fund’ll benefit 20 million farmers – Adesina

The president of the African Development Bank, Akinwunmi Adesina, has set aside a total of $1.5 billion for a “Emergency Food Production Facility” to enhance food security and sufficiency in Africa. According to BisinessDay, when Adesina visited Governor Dapo Abiodun of Ogun State on Monday, he paid him a courtesy visit. Adesina remarked that the facility […]

Buhari unveils SDG financing framework
Agribusiness

Buhari hails AfDB, others for $538m agric fund

  The President, Major General Muhammadu Buhari (retd.), on Wednesday applauded the provision of $538.05m by the African Development Bank, the Islamic Development Bank, and the International Fund for Agricultural Development. According to The PUNCH, the funds were donated for the first phase of the Special Agro-Industrial Processing Zones for Nigeria programme. This came after […]

News

AfDB president Akinwumi Adesina loses mum

The President of African Development Bank, Dr. Akinwumi Adesina, has lost his mother, Eunice Adesina.   The Guardian reported that the matriarch of the Adesina family died on Thursday, December.   An associate of Adesina and media practitioner, Victor Oladokun, confirmed the development, in a Facebook post on Thursday.   He wrote, “With great sadness, […]

AfDB, FCMB to boost SMEs, women enterprisea with $50m
News

AfDB, FCMB to boost SMEs, women enterprisea with $50m

  The African Development Bank and First City Monument Bank has reached an agreement to boost small and medium-sized enterprises and women-empowered businesses with a $50 million Line of Credit Agreement. According to The Nation, the proceeds of the line of credit will be used by FCMB to finance SMEs and WEBs in Nigeria’s agribusiness, […]

AFDB approves €29 million infrastructural fund for Senegal 
News

AFDB approves €29 million infrastructural fund for Senegal 

The African Development Bank approved a total of €29 million for improvements to the road and transport network linking six Senegalese municipalities. As obtained via the official website of the organization, the loan, which was approved on the 20th of September, 2022, is meant to support the construction of 28 kilometres of urban roads in […]

Nigeria needs debt relief - AfDB
News

Nigeria needs debt relief – AfDB

The President of the African Development Bank, Akinwumi Adesina has said that given the current debt situation of Nigeria, the country needs debt relief. According to The PUNCH, Adesina stated this at the Nigeria International Economic Partnership Forum in New York on Thursday. He explained that financing was important to addressing Nigeria’s development problems. He […]

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