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Tag: AfDB

News

AfDB considers $1bn investment in Nigeria’s power sector reforms

The African Development Bank has announced its intention to invest $1 billion in a policy-based operation fund with a significant energy component aimed at supporting the ongoing power sector reforms in Nigeria. This was disclosed by the vice president on Power, energy, and climate change at the AfDB, Kevin Kariuki at the 8th edition of […]

News

$277bn needed annually to tackle climate change in Africa – Adesina

The President of the African Development Bank, Dr. Akinwumi Adesina, declared that the continent needs $277 billion annually to tackle climate change. This was disclosed by Adesina at the Islamic Development Bank’s 50th-anniversary event in Riyadh, Saudi Arabia on Monday. Adesina stressed that Africa currently gets only $30 billion yearly for this purpose. Adesina announced […]

News

Africa’s growth slowed by $824bn resource-backed loan – AfDB

The President of the African Development Bank, Akinwumi Adesina, stated that Africa’s potential for future economic growth is being undermined by inefficient resource-backed loans which exacerbate debt resolution and compromise countries. This disclosure was made in a statement by Adesina at the Semafor Africa Summit, taking place on the sidelines of the International Monetary Fund […]

FG begins construction of 700km Lagos-Calabar highway
News

FG begins construction of 700km Lagos-Calabar highway

By Melvin Onwubuke The Federal Government on announced it had begun the construction of the 700km Lagos-Calabar Coastal Highway. The Minister of Works, David Umahi disclosed in a statement issued by his Special Adviser on Media, Orji Uchenna,on Thursday in Abuja. The works minister, who addressed journalists after the council meeting, said the 47.47km dual […]

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

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

The Federal Government of Nigeria, represented by Minister of Works David Umahi, has initiated talks with the African Development Bank to get financing for essential sections of Nigeria’s coastal and trans-Saharan roads. The Times reported that, a delegation from the African Development Bank led by the Director of Infrastructure and Urban Development, Mike Salawou, had […]

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

Nigeria gets $134m AfDB aid to plant rice, other crops

Nigeria is set to receive $134 million from the African Development Bank to assist the growing of vital crops such rice, maize, cassava, and soybeans. The bank’s president, Dr. Akinwunmi Adesina, said on Saturday that $134 million will be provided to help this endeavour after touring the Centre for Dryland Agriculture at Bayero University, Kano according to […]

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

AfDB to partner Enugu govt on investment drive

The African Development Bank has reiterated its willingness to collaborate with the Enugu State Government to increase investment and infrastructure development. The PUNCH reported that during a meeting with Governor Peter Mbah at Government House, the Director-General of AfDB’s Nigeria Country Department, Lamin Barrow, stated that Nigeria was crucial to AfDB’s programs. According to him, the first […]

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

How AfDB invested over $10bn in Nigeria 52 years

The African Development Bank Group has spent more than $10 billion in Nigeria since 1971. According to The Punch, the development bank revealed this information in a statement to promote collaboration and unleash the enormous agricultural potential of the country during the visit of the seven recently elected governors of North West states. The AfDB claimed that […]

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

AfDB to grant Nigeria $618m for digital, creative businesses

The Investment in Digital and Creative Enterprise project of the African Development Bank has concluded an agreement to provide $618 million to Nigeria. The News Agency of Nigeria reported that the Nigerian government is currently in the process of appointing a fund manager for the project, according to the Country Director-General for Nigeria at the AfDB, Mr. Lamin […]

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

Why Africa is key to global labour force supply – AfDB

The President of the African Development Bank Group, Dr. Akinwumi Adesina, has stated that Africa is the key for supplying the global labour force. He said this during the opening of the African Investment Forum organized by AfDB in Marrakech, Morocco with the theme: ‘Unlocking African Value Chains,’ said African economies witnessed real Gross Domestic Product […]

FG secures $163m AfDB loan for wheat production
featured

FG secures $163m AfDB loan for wheat production

    The Nigerian government has secured a loan of $163m from the African Development Bank to boost wheat production. According to Channels, this was disclosed by the Vice president, Senator Kashim Shettima, stated this in Argungu, Kebbi State where he paid a condolence visit to the Argungu Emirate, state government, and the family of […]

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

FG to fast track AfDB’s SAPZ project for agricultural growth

The Special Agro-Industrial Processing Zones initiative of the African Development Bank will be accelerated by the Tinubu administration in an effort to boost the sector’s GDP contribution and increase chances for food security and job stability. According to The Punch, the Minister of Agriculture and Food Security, Sen. Abubakar Kyari, said this on Wednesday in Abuja at the […]

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