Adesina meets Buhari, says AfDB invests $4.5b in Nigeria

The African Development Bank (AfFB) says it has invested about  $4.5billion in Nigeria with $2.8billion of the funds going into private sector financing.

President of the Bank, Akinwunmi Adesina, disclosed this to State House correspondents after a meeting with President Muhammadu Buhari in Abuja on Tuesday.

The nation’s former Minister of Agriculture, who said he was at the presidential villa to brief the President about the activities of the bank, said: “And quite a lot has happened at the bank in the last three years. We have 60 operations in Nigeria for a total of $4.5 billion and about $2.8 billion of that is in the private sector in the banking industry, financial sector, in particular about $1.7 billion in the public sector.

“We have very exciting projects here, one is the transmission of power. Mr President mentioned it to me that power continues to be a problem. We have invested over $4 billion in the Transmission Company of Nigeria to continue to improve the power transmission.

“We have also invested heavily in the northeast of Nigeria, we have put in almost $258 million to support the rehabilitation both in terms of health, education, sanitation and water. And also skills as a way of reviving areas that have been battered. I told Mr President that that is very important.

“We have also invested in mobilizing financing for the country. I briefed Mr President that Nigeria continues to be investment frontier and that the African Investment Forum which the African Development Bank held last year, we were able to mobilize about $38.7 billion of investments to African less than 72 hours, about $7.1 billion of that actually came to Nigeria.”

He said he also briefed President Buhari on the future plans of AfDB and the imperative of Nigeria’s support for the AfDB.

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Adesina added: “I spoke to him about the support of the bank being crucial because as you know Nigeria is the largest shareholder of the African Development Bank and leaders have to lead.”

He further stated: “One of the things that we said was that Nigeria’s contribution under the last general capital increase of the bank was $360 million but we lend to Nigeria $4.5 billion, almost 15.5 per cent.

“Every dollar that Nigeria gives to the bank, we lend $15 in return, so its a great investment.

“I assured Mr President that under the new general capital increase of the bank, we are talking to our investors about this. So, if we get enough money, hundred of people will be connected to electricity.”

The bank chief also observed that the African continent faces security challenges which can hinder trade and investments.

According to him, “As you know the continent faces quite a number of challenges in terms of security and he has put security as a very important thing. Obviously, trade and investments is not going to happen unless you have security within the region.”

He said he thanked President Buhari for his support to become AfDB president and also congratulated Buhari for his recent re-election.

Adesina said President Buhari expressed appreciation in the work of the bank and his continued support.

“We are in the period of a general capital increase for the bank and with that support, we believe you will see a different Africa completely under this new general capital increase of the bank,” he added.