Adesina pledges to support Nigeria’s economic recovery

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President of the African Development Bank (AfDB), Akinwumi Adesina has assured President Bola Ahmed Tinubu of the Bank’s readiness to help resuscitate the Nigerian economy.

Adesina gave the assurance during a meeting with President Tinubu, at the New Global Finance Pact Summit in Paris.

Speaking on his verified Twitter handle, the AfDB President said; “I had a great meeting with President Tinubu during the New Global Finance Pact Summit in Paris.

“I was impressed by his commitment to bold and sound policies for Nigeria’s economy. The AfDB will strongly support his vision for the Nigerian economy.”

Tinubu commended Adesina and AfDB, for the bank’s investment of $520 million in the special agro-processing zones programme, which is said to be the largest in scope and size in Africa.

He assured the AfDB President that the federal government would continue to provide necessary support for the bank’s projects and operations in Nigeria.

The bank’s portfolio in Nigeria comprises 48 operations for a total commitment value of $4.2 dollars.

The national (Federal and States) operations account for 90 per cent of the portfolio, for 41 projects amounting to $3.79 billion dollars, while multinational operations constitute 10 per cent, for seven projects amounting to 0.41 billion dollars.

There are 24 sovereign operations ($2.36 billion or 56 per cent of total commitments) and 24 non-sovereign operations ($1.84 billion or 44%).

A mapping of the portfolio to the High 5s shows a balanced distribution. industrialise Africa has the highest share (45 per cent).

This is followed by improving the quality of life for the people of Africa (18%), lightup and power Africa (14%), feed Africa (13%), and integrate Africa (10%).

Also, the performance of the bank’s public sector portfolio in Nigeria has been satisfactory.

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