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AfDB funding in Nigeria worth $4.4 billion, largest in Africa

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AfDB

The African Development Bank has stated that its funding for development projects in Nigeria is worth around $4.4 billion which is the highest in Africa.

The Country Director of the AfDB Mr. Lamin Barrow disclosed this in Abuja during the Joint Country Portfolio Performance Review meeting between the bank and the Ministry of Finance, International Economic Relations department.

Mr Barrow further praised the federal government for its recent reforms including fuel subsidy removal, foreign exchange unification, etc.

In his words,

Speaking further, Mr. Barrow expressed delight at the improved submission rate of procurement plans which increased from 72% to 82%, and the FEC’s approval of the Ekiti knowledge zone project.

He said,

On his part, the Director of the International Economic Relations Department at the Federal Ministry of Finance, Mr. Stanley George, noted that the AFDB portfolio’s smooth performance in Nigeria was hindered by extended implementation timelines, low disbursement rates, and inadequate communication with various MDAs.

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