The African Development Bank (AfDB) has committed $1.44 billion to enhance Nigeria’s infrastructure in energy, power, transport, water, and sanitation sectors.
This announcement was made at the Nasarawa Investment Summit 2024 by President of AfDB, Mr. Akinwunmi Adesina, represented by Mr. Lamin Barrow, Director-General of the AfDB’s Nigeria Country Department.
Mr. Adesina highlighted Nigeria’s substantial infrastructure deficit, which hampers diversification efforts and global competitiveness.
The 2020 National Integrated Infrastructure Master Plan estimates that Nigeria needs $2.3 trillion in infrastructure investment from 2020 to 2043 to meet the international benchmark of 70 percent of GDP.
The energy sector requires the largest investment at $759 billion, followed by the transport sector needing $575 billion. Mr. Barrow emphasised that 31 percent of AfDB’s active portfolio, worth $1.44 billion as of April 2024, supports Nigeria’s infrastructure development.
This funding aims to aid both federal and state governments in improving infrastructure to boost economic growth and competitiveness.
Honourable Minister of Industry, Trade and Investment, Dr. Doris Nkiruka Uzoka-Anite, represented President Bola Ahmed Tinubu at the summit.
She praised Nasarawa State for its achievements in the mining sector and its organized commodity aggregation system for agriculture, particularly focusing on sesame, rice, and ginger.
Dr. Uzoka-Anite also emphasised the importance of adding value to the state’s lithium deposits, aligning with Nigeria’s renewed hope agenda.
Nasarawa State Governor, Mr. Abdullahi Sule, expressed gratitude to AfDB for its continued support. He highlighted AfDB-funded projects like the Keffi and Akwanga water supply projects, which include intake facilities, pumping stations, a treatment plant, and extensive transmission and distribution pipelines. The summit attracted local and international investors, private sector representatives, and senior government officials, showcasing Nasarawa’s potential for industrial and sustainable economic growth.
