The African Development Bank (AfDB) has declared a $1.44 billion investment to support Nigeria’s infrastructure development in the areas of transportation, water and sanitation, and energy and electricity.
This revelation was made by the financial institution’s president, Akinwunmi Adeshina, in a statement during the Nasarawa Investment Summit 2024, which was held in Lafia, the state capital of Nasarawa, on May 15–16.
Speaking through Lamin Barrow, the Director-General of the AfDB’s Nigeria Country Department, Adeshina claimed that Nigeria’s severe infrastructure shortage is impeding the nation’s attempts to diversify its non-oil output and become globally competitive in terms of exports.
He stated that Nigeria must invest an estimated $2.3 trillion in infrastructure between 2020 and 2043, as per the 2020 National Integrated Infrastructure Master Plan.
He claimed that in order to bring its infrastructure stock up to the global standard of 70% of GDP, this investment is essential.
He pointed out that the majority of this $759 billion investment is needed by the energy sector.
He claims that the transportation industry also requires a significant financial investment, with an estimated $575 billion needed to meet regulations.
“The African Development Bank is assisting the federal and state governments in enhancing the nation’s and the states’ infrastructure in order to solve this issue. According to Barrow, as of April 2024, infrastructure development in Nigeria is being supported by 31% of the Bank’s active portfolio, which is worth $1.44 billion,” as stated by Adesina.
Statements from the federal government
President Bola Ahmed Tinubu of Nigeria was represented by Dr. Doris Nkiruka Uzoka-Anite, Minister of Industry, Trade and Investment, who gave the opening comments for the summit.
The nation, she added, is proud of Nasarawa State, particularly in light of its noteworthy accomplishments in the mining industry.
“Nasarawa is renowned for its enormous agricultural potential, especially for its well-organized system of commodities aggregation that guarantees the marketability and traceability of produce. The fact that Nasarawa is emphasizing the creation of agricultural value chains for important commodities like sesame, rice, and ginger is comforting.”
“In keeping with the renewed hope agenda, Nasarawa State has demonstrated great vision in making sure that their vast lithium deposits are developed and processed, ensuring that raw materials are not exported out of this country without any value addition,” the speaker remarked.
Further Understanding
Furthermore, Governor Abdullahi Sule of Nasarawa State conveyed his appreciation to the African Development Bank for its continuous assistance in promoting industrial and sustainable economic growth in the state.
According to Sule, the AfDB provided funding for the construction of the Keffi and Akwanga water supply projects in Nasarawa. These projects include pumping stations, intake facilities, a 62,850 m3/d treatment plant, 19.9 km of transmission pipelines, 42 km of distribution pipelines, service reservoirs, drainage systems, and associated structures.
Senior government authorities, corporate sector representatives, and investors from both domestic and international markets attended the meeting.
