The African Development Bank (AfDB) has announced an investment of US$1.44bn to redress the infrastructure deficit currently strangling the West African country
This was disclosed at the Nasarawa Investment Summit 2024 by AfDB’s Nigeria Country Department director general, Lamin Barrow who explained that this deficit is restricting the country’s efforts to diversify its non-oil production and achieve international competitiveness for exports.
“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% of the Bank’s active portfolio, valued at US$1.44bn, is supporting infrastructure development in Nigeria,” Barrow commented in a speech read on behalf of the group’s president, Dr. Akinwumi Adesina. He added that, in order to achieve an industrial renaissance, Nasarawa State and Nigeria must accelerate domestic resource mobilisation; boost agriculture sector productivity; develop value chains and supportive infrastructure; enhance de-risk investments; prioritise natural resource value addition and beneficiation; strengthen institutional capacity and bridge the skills mismatch to enhance youth employability.
As such, the investment will be deployed to support the development of energy, transport, water and sanitation infrastructure in Nigeria.