The African Development Bank (AfDB) has announced an investment of $1.44 billion to aid the development of energy and power, transport, water, and sanitation infrastructure in Nigeria.
President of the financial institution, Akinwunmi Adeshina, made this disclosure in a statement at the Nasarawa Investment Summit 2024, which took place on May 15-16 in Lafia, the capital of Nasarawa State.
Adeshina, who was represented by Director-General of the AfDB’s Nigeria Country Department, Lamin Barrow, said Nigeria faces a huge infrastructure deficit, inhibiting the country’s efforts to diversify its non-oil production and achieve international competitiveness for exports.
He said that according to the 2020 National Integrated Infrastructure Master Plan, Nigeria needs to invest an estimated $2.3 trillion in total infrastructure between 2020 and 2043.
This investment, he said, is crucial to elevate its infrastructure stock to the international benchmark of 70% of GDP.
He noted that the energy sector requires the most significant portion of this investment, amounting to $759 billion.
According to him, the transport sector also demands considerable financial input, needing an estimated $575 billion to meet the required standards.
“To address this problem, the African Development Bank is supporting the federal and state governments to improve the national and states’ infrastructure. As of April 2024, 31 per cent of the Bank’s active portfolio, valued at $1.44 billion, is supporting infrastructure development in Nigeria,” Barrow quoted Adesina as saying.
In her remarks, Dr. Doris Nkiruka Uzoka-Anite, Minister of Industry, Trade and Investment, representing President Bola Ahmed Tinubu of Nigeria, opened the summit.
She said the country is proud of Nasarawa State, especially for its notable achievements in the mining sector.
“Nasarawa is known for its huge potential in agriculture, particularly its organized commodity aggregation system, which ensures the marketability and traceability of produce. It is reassuring to note that Nasarawa is prioritizing the development of agricultural value chains for key commodities such as sesame, rice, and ginger.
“Nasarawa State has shown great vision in ensuring that their vast lithium deposits are developed and processed, ensuring that raw materials are not exported out of this country without any value addition, in line with the renewed hope agenda,” she said.
In addition, Nasarawa State Governor, Abdullahi Sule, expressed gratitude to the African Development Bank for its ongoing support in fostering industrial and sustainable economic growth within the state.
Sule said AfDB has funded the development of the Keffi and Akwanga water supply projects in Nasarawa, which include intake facilities, pumping stations, a treatment plant with a capacity of 62,850 m3/d, 19.9 km of transmission pipelines, and 42 km of distribution pipelines, along with service reservoirs, drainage systems, and related structures.
The summit was attended by local and foreign investors, representatives of the private sector, and senior government officials.
The Federal Inland Revenue Service (FIRS) has begun its recruitment exercise for experienced professionals to…
Primate Elijah Ayodele Unveils 94-Page Prophecy for 2025, Makes Striking Predictions About Nigeria’s Political and…
The Senior Special Assistant to President Bola Tinubu on Community Engagement (North Central), Abiodun Essiet,…
The Minister of Information and National Orientation, Mohammed Idris, has warned politicians against linking stampedes…
Tobi Adegboyega, founder of the Salvation Proclaimers Anointed Church (SPAC Nation), has stated that he…
The Independent Petroleum Marketers Association of Nigeria has said that petrol is going to sell…
