Published: Sat, January 20, 2018
Medicine | By Brett Sutton

Africa needs $130bn for infrastructure development annually - AfDB

Africa needs $130bn for infrastructure development annually - AfDB

"We have through the years shared the bank's vision and objectives to underscore the love between the AfDB and Nigeria (as the president of the bank rightly describes it as a marriage)".

Adeosun made the observations at the Regional Consultative Meeting between, Akinwumi Adesina, the AfDB President and the bank's governors and ministers of finance from West and Central Africa, in Abidjan, Côte d'Ivoire.

The bank in its 2018 African Economic Outlook projected that Nigeria's economy would grow at 2.1 per cent in 2018 and 2.5 per cent in 2019. The bank has faithfully played its role as a trusted advisor and an honest broker in our region. "Light and Power Africa, Feed Africa, Industrialise Africa, Integrate Africa and improve the quality of lives of the people of Africa".

To do so, the continent needs to promote growth that creates jobs and provides economic opportunities for all.

The Vice President commended the AfDB for its efforts to close the gender gaps, empower women and youth and also to strengthen and expand social safety nets for the vulnerable populations.

He said the bank would continue to support Nigeria and other African countries in order to accelerate the development of infrastructure and energy on the continent. We have loaned our own Dr. Akinwumi Adesina to the bank as he is to our great pride and Nigeria's first president of the bank.

She said that the improved relationship had led to an all time high portfolio level of close to six billion dollars spread over 73 projects across other private sector. "These projects continue to create thousands of direct and indirect jobs in many parts of our economy".

The Bank's Inclusive Basic Service Delivery and Livelihood Empowerment Integrated Programme (IBSDLEIP), aimed at addressing the challenges in the North East in particular, is commendable.

The Bank, he added, is providing United States $263 million toward the rehabilitation of basic livelihoods in the northeast, with the expectation of providing water, sanitation, hygiene and health services that will benefit 14 million people, including 1.9 million Internally Displaced Persons.

The Board of Directors of the African Development Bank (AFDB) has approved on Thursday the third and last tranche, worth 500 million, of a $1.5 billion loan package from the bank to finance Egypt's Economic Governance and Energy Support Program. When we requested support from the Bank, the response was swift.

"It reflects better global economic conditions; the recovery in commodity prices (mainly oil and metals); sustained domestic demand, partly met by import substitution; and improvements in agricultural production", AfDB said in its report.

"I said at the time that Nigeria was too big to fail".

The Bank President highlighted various innovative ways in which African countries can generate capital for infrastructure development and what the Bank is doing through its ambitious High 5 development agenda to address the issues raised in the report.

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