ADB Plans $10bn Investment in Nigeria by 2019

Dr. Akinwumi Adesina, President, African Development Bank (AfDB) has promised strategic investment of $4.1 billion in 2016 and 2017 and up to $10 billion in Nigeria by 2019.

Adesina said in Abuja after meeting Vice President Yemi Osinbajo and the Economic Management Team that ADB will fully support the efforts of the Federal Government to address the current economic challenges in the country.

“We will support Nigerian government with the budget support to be able to deal with some of the domestic fiscal imbalance that they have. We are looking to consider for the Board $1 billion to help them to deal with that particular deficit that is there. In addition to that, there are other challenges that the economy has which is in terms diversifying and deepening the level of diversification in critical sectors. So agriculture, solid minerals very important; manufacturing as well as industrial sector is very important.

So the bank will provide in total between 2016 and 2017 a total of $4.1 billion to Nigeria in various areas of power, infrastructure to agriculture and the private sector for SME financing and lending. I expect that our portfolio in Nigeria will not decrease; it will actually grow. We expect to invest in Nigeria by 2019 a total of $10 billion in terms of our portfolio.’’

In terms of power, Adesina said: “We also recognize that power is perhaps the most important challenge that is driving inflation in the country. We expect from our portfolio this year to invest in over 1,400 megawatts of projects that are going to be focused on the energy sector. By 2017, we plan to invest in about 1,387 megawatts of generation projects for the sector.’’

Mrs. Kemi Adeosun, the Minister of Finance said the government went to ADB and the World Bank Group for loans because of the cheap conditions attached.

“We have stuck to that strategy and we have very conservative debt profile. That is a great flexibility on the comfort of the country and we have not over-borrowed. What we have to do and what we are doing is to make sure that this money we borrowed is used on key infrastructure that will drive the economy.”

Hot this week

SanlamAllianz Nigeria Launches Proud Moments 2.0, Celebrates Achievements Worth Protecting

Riding on the resounding success of its foundational debut,...

Insurance Meets Tech 5.0 Now Holds on November 20, 2026

Insurance Meets Tech (IMT), Nigeria’s leading platform for conversations...

Sanwo-Olu, Lai Mohammed, Gbenga Daniel to Discuss 2027 Elections, Insecurity at 7th Freedom Online Lecture

Challenges facing the economy and insecurity, especially associated with...

AXA Mansard Intensifies Hepatitis Awareness with Free Community Screening

As part of efforts to promote preventive healthcare and...

Heirs Insurance Group Celebrates 1,000 Retirees at Lagos Meeting

Heirs Insurance Group, Nigeria's fastest-growing insurance group, reaffirmed its...

Topics

‘Nigeria Should Not Panic over Energy Transition, Leads in Oil/Gas Local Content’

Engr. Simbi Wabote, Executive Secretary, Nigerian Content Development and...

BudgIT Alarmed at Zero Allocations for People Living with Disabilities Centres

  BudgIT, a leading civic transparency group, has called on...

NCDMB Holds Retreat with Senate Committee on Local Content, Seeks Close Collaboration

Cross-section of NCDMB management and members of the Senate...

Ecobank Digital Series: Remittance-Veritable Means to Alleviate Poverty in Nigeria

President, Nigerians in Diaspora Organisation (NIDO), New Jersey, Dr. Kazeem...

AMCON CEO: Why Airlines Fail In Nigeria

The failure of many airlines in Nigeria and why...

NAICOM Appoints ERNST & YOUNG as Consulting Actuary for Risk-Based Capital Framework

The National Insurance Commission (NAICOM) has appointed global professional...

Universal Insurance, NHIA, PTAD, Rite Foods Sponsor NAIPE 2025 AGM

The Universal Insurance Plc, National Health Insurance Authority (NHIA),...

Sovereign Trust Named Insurance Company of the Decade

L-R: Segun Bankole, Deputy General Manager, Sales and Corporate...