Economic Recession - AfDB Disburses US$600M Budget Support to Govt

Dr Akinwumi Adesina

Dr Akinwumi Adesina

"Nigeria has been important in the growth of the institution as a major shareholder, donor and borrower all at the same time".

She said that with the continuing support of AfDB and indeed other partners, Nigeria would be made a more prosperous and inclusive country.

AfDB President, Dr. Akinwunmi Adesina, said the institution remains grateful to the Federal Government for providing land the building and the continuous show of solidarity to the bank.

Adeosun said that the AfDB's one billion dollars budget support loan, for which the country had drawn only 600 million dollars, came at the right time.

This development is believed to be a consolidation in the country's position as the bank's largest shareholder, with a portfolio of $6 billion and country operations accounting for 13 percent of the bank's total portfolio.

The office was commissioned by Vice-President Yemi Osinbajo, who represented President Muhammadu Buhari.

Looking into the future, the AfDB economic prediction on Nigeria noted that "oil prices rebounded to an average of $52 per barrel (Brent crude) in 2017 and are projected to reach $54 in 2018, up from $43 per barrel in 2016". "FARA, the CGIAR System Organization, and 11 of its 15 global agricultural research centres most active in Africa have embraced the Bank's initiative and are co-sponsoring the program to revitalize and transform agriculture through TAAT within the shortest possible time while restoring degraded land and maintaining or strengthening the ecosystems that underpin agriculture".

"Our support went beyond money: it demonstrated our strong commitment to help stabilize Africa's largest economy", he added. "Several Nigerian banks have benefitted from $1.8 billion in lines of credit, including Access Bank, Fidelity Bank, Stanbic IBTC, First Bank, WEMA Bank, Zenith Bank, GT Bank and the Bank of Industry and NEXIM".

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The priorities are light up and power Africa, feed Africa, industrialise Africa, integrate Africa, and improve the quality of life for the people of Africa.

The AfDB boss disclosed that the bank had invested $500m in the Development Bank of Nigeria and would also be committing $200m in the Transmission Corporation of Nigeria.

The report said the new estimates left a financing gap of as much as $108bn.

"It sends a strong message that the African Development Bank appreciates Nigeria". We can not ignore the fact that Africa's largest economy is now out of recession and projected to grow at 2.3% this year.

They also called for an increase in capital mobilisation to allow the bank to meet its mandates for Africa, in view of considerable reduction in official development assistance. Nigeria's economy needs to grow at double digit rates to drive down poverty and create a massive number of jobs.

New infrastructure financing gap estimates and innovative ways through which African countries can raise funds for infrastructure development are among the highlights of the 2018 edition of the report, which was launched at the Bank's headquarters for the first time in the publication's 15-year history.

" I said at the time that Nigeria is too big to fail,"Adesina said".

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