The federal Government has said that its sound relationship with the African Development Bank (AfDB) has led to an all -time high portfolio level of close to $6 billion spread over 73 projects across other private sectors in Nigeria, which have created jobs in the country.
Vice President Yemi Osinbajo, who represented President Muhammadu Buhari, while delivering his speech, during the commissioning of the AfDB Nigeria Country Department Complex in Abuja on Thursday, said Nigeria has been important in the growth of the AfDB. He said that Nigeria is a major shareholder, a donor and a borrower and have through the years shared the bank’s vision and objectives to underscore the productive relationship between the bank and Nigeria.
He said since in inception in 1964, the AfDB has developed into an efficient vehicle of economic development and integration in Africa. “The bank has faithfully played its role as a trusted adviser and honest broker in our region” he said, adding that AfDB is at the center of Africa’s transformation to bring real and lasting progress to the African people.
The Vice President, who later commissioned the complex, praised the High-Five initiatives of the bank propounded by its President, Nigerian-born Akinwunmi Adesina, stressing that it invested in water resources, infrastructure, agriculture, energy among others in Nigeria and commended its ongoing efforts to close the gender gap, empower women and youth and to ultimately strengthen social safety net for Africa’s most vulnerable population.
He noted that during the recession that hit Nigeria in 2015/16 the AfDB approved a loan of 1 billion dollars to Nigeria, and have fully disbursed the first tranche of $600 million adding that Nigeria is looking forward to the remaining $400 million.
The Minister of Finance Kemi Adeosun, while delivering her remarks stressed that the edifice will serve as the pride of Africa, and stand as a worthy testament of the AfDB’s resolve to contribute in shaping of African economy in the years to come.
She said that it stands as a testimony to the reality of a much cherished and long-held aspiration and indeed a very important event in the partnership between Nigeria and African Development Bank adding that through this investment, the AfDB has made Nigeria the first regional member country to host the Bank-owned office complex.
She added that the AfDB through its High -Five initiatives under President of the Bank, Nigeria’s Akinwunmi Adesina, has proved to be quite dependable in the Nigeria’s ongoing economic reforms and also ticks all the right boxes of strengthening Nigeria’s recovery efforts.
She expressed Nigeria’s profound appreciation of the role of AfDB in doing business, which is slightly different from other Multilateral Development Banks and International Financial Institutions, saying “AfDB rose in support of Africa and indeed Nigeria when it mattered most. His Excellency Vice President made the point when he referred to the US$1.00BILLION Budget support loan for which we have drawn only $600million.
“AfDB provided this lifeline at the time that it was very difficult to secure budget support loan from anywhere as we struggled with the 2015/2016 economic recession. The signaling effect of that singular act gave the country’s foreign reserves the much-needed boost which helped stabilized the Nigerian currency –the Naira,” she said.
She said that Nigeria being the largest shareholder of AfDB since inception in 1964 and the Country with one of the largest portfolio of AfDB projects, Abuja-Nigeria is the natural and logical place for the AfDB regional hub adding that Nigeria continues to be a great place to do business.
“Indeed, there is credible and independent third party evidence that we are on the right track. About three months ago, the World Bank adjudged Nigeria to be one of the ten most improved economies in the world in 2017, with regards to ease of doing business and investment climate,” she said.
She pointed out that owing to AfDB’s important role on poverty alleviation and development in Africa, Nigeria in particular needs the AfDB and its programme of the High 5s which encompasses: investing more in infrastructure, agriculture, education, health care and increased access to affordable energy and water.
“The programmes of High 5s favour pro-poor growth and inclusive development both of which are desperately needed in our Continent. For instance, based on recent studies, in spite of falling extreme poverty, Africa will be the last remaining enclave housing the bulk of extreme poverty around the world by the year 2030.
“ If we in Africa are going to end extreme poverty by the year 2030, we have to be more effective in fragile and conflict affected states with our Bank-AfDB driving the process. Heartily, our Bank has made salutary efforts in that regard. Ending extreme poverty and boosting shared prosperity is our bottom-line. We must actively and together with AfDB and other partners fight the scourge of poverty and reach this last remaining milestone,” she said.
Innocent Odoh, Abuja
