Five candidates to contest for AfDB Presidency

  The African Development Bank (AfDB) has confirmed five candidates who will compete for the position of its president.  The announcement followed a two-day meeting of the board of governors’ steering committee at the bank’s headquarters in Abidjan, Côte d’Ivoire. The candidates are Hott Amadou from Senegal, Maimbo Munzele from Zambia, Tah Ould from Mauritania, Tolli Mahamat from Chad, and Tshabalala Swazi from South Africa.  The election is set to take place on May 29, and the winner will take over from Akinwumi Adesina, who has led the bank since 2015. Adesina, whose tenure is coming to an end, recently spoke about his future, stating that he remains committed to serving people in various capacities.  He described his passion for making a difference in communities and improving lives. The AfDB election is expected to draw significant attention as the candidates present their plans for the bank’s future. READ ALSO: Insubordinate commissioner nominee denied screening by Nasarawa assembly The presidency of Africa’s apex development banking institution is usually a context of vested interests within Africa and non-regional investors that is led by the United States of America. With a hawkish Donald Trump as president of the United States, many analysts fear that who emerges as the new president of the continental body would likely be a stooge of the USA.

Afdb Injects$540 Million into Nigeria’s Special Agro-Industrial Zones

Oyo, Cross River, and Imo, along with four other states and the Federal Capital Territory, are set to receive the initial disbursement of $540 million from the African Development Bank (AfDB). The funds aim to propel the development of Special Agro-Industrial Processing Zones (SAPZs) across the nation. Prof. Banji Oyelaran-Oyeyinka, Senior Special Adviser on Industrialization to AfDB President Akinwumi Adesina, revealed the development during a report presentation at the Presidential Villa in Abuja.  The SAPZs initiative seeks to transform Nigeria’s rural areas into hubs of economic prosperity. This news follows a promise made by Adesina to President Bola Tinubu, announcing a $520 million investment in the zones during a summit in Paris in June 2023.  The first phase is already underway, with Kaduna, Oyo, and Cross River States in the process of receiving disbursements. Oyelaran-Oyeyinka emphasized the importance of private-sector involvement, stating, “It is a government-enabled project but private-sector driven.” The first phase involves seven states: Cross River, Imo, Kaduna, Kano, Kwara, Ogun, Oyo, and the Federal Capital Territory. Vice President Kashim Shettima urged swift action, emphasizing the need for both the government and development partners to turn plans into reality. The three mentioned states will be the initial beneficiaries of phase one, with others to follow as documentation concludes. In a related report on the revitalization of the Ajaokuta Steel Company Limited, the United Nations Industrial Development Organisation proposed a comprehensive recovery plan.  This plan includes rehabilitating, modernizing, and expanding the integrated steel plant, transforming it into strategic business units. VP Shettima stressed the urgency for concrete actions, declaring, “We have passed the age of talking; we must walk the talk.”  He emphasized the necessity of realizing the vision of President Tinubu and cited examples of successful industrial transformations, urging determination and collective effort to bring positive change to Nigeria.

Infrastructure Financing: AfDB approves $15m loan for Nigeria

The Board of Directors of the African Development Bank (AfDB) has approved $15 million loan for Infrastructure Credit Guarantee Company Limited (InfraCredit) to support infrastructure financing in Nigeria. Nigerian Anchor reports that InfraCredit is a specialized Nigerian credit guarantee company that mobilises long-term capital from institutional investors, including pension funds and insurance companies, to support infrastructure projects. According to the Bank, the subordinated loan is to strengthen InfraCredit’s capital base and help close Nigeria’s infrastructure financing gap. The financing, which will enable InfraCredit to leverage domestic capital markets to bolster access to long-term local currency infrastructure financing in Nigeria, complements a 2019 investment into InfraCredit made by the AfDB and other partners to help unlock domestic institutional capital for infrastructure. The loan comes at a time when InfraCredit is seeking to raise capital to finance an additional $375 million in infrastructure over the next few years, primarily by leveraging private sector financing. “The African Development Bank is pleased to continue to support an innovative financial institution – InfraCredit – which has objectives that align closely with our priorities to mobilise institutional financing for the delivery of infrastructure for Nigeria in key sectors including transport, energy, water, agriculture and infrastructure,” the Director General of the Bank’s Nigeria Country Department, Lamin Barrow said. The company’s green finance track record and commitments under its Clean Energy Transition Strategy and Roadmap and Green Finance Framework fits with the AfDB’s commitments to promote low-carbon development and mitigation, leveraging climate finance from private sector sources, Barrow said. “We are delighted and very pleased with the confidence that AfDB has demonstrated in the opportunity ahead for InfraCredit to scale its development impact of unlocking domestic institutional investments for long-term local currency infrastructure finance in Nigeria that will create jobs and support local economic growth. This second round investment will strengthen our guarantee issuing capacity and bring AfDB’s total investments in InfraCredit to $25 million, which is a strong signal of commitment to the long-term growth of InfraCredit and the Nigerian economy,” InfraCredit CEO, Chinua Azubike, said. The AfDB’s Acting Director for Financial Sector Development, Ahmed Attout, explained why AfDB made the support. “The support demonstrates our continuing confidence in InfraCredit and recognition of the role it plays in Nigeria’s infrastructure development. The African Development Bank is committed to capacitating the various players within Africa’s capital markets and stimulating the mobilisation of long-term funding into Africa’s infrastructure,” he said.

Gombe Govt seeks partnership with IsDB to boost private sector investments

In furtherance of its commitment to woo more investments into the state, the Gombe State Government under the leadership of Governor Muhammadu Inuwa Yahaya has sent a special delegation to the ongoing Islamic Development Bank’s Private Sector Forum and Annual Meeting in Jeddah, Saudi Arabia. The Gombe State delegation, led by the Chairman of the State’s Investment and Property Development Company, Dr. Umaru Kwairanga (Sarkin Fulanin Gombe) met with the IsDB’s Team comprising of Dr. Mansur Mukhtar, Vice President; Dr. Ahsaru Kibria, Country Manager; Mr. Mahmodou Alpha Bah, IsDB Nigeria Office; and Mr. Abdulkadir Baba-Ahmed, from IsDB VPs Office, Jeddah. The discussions between the two delegations centred around the ways through which the reputable financial institution will deploy its resources and expertise to support the Gombe State Government in critical areas of economic development. Specifically, the two teams discussed ways through which IsDB will actively participate in the next Gombe State Investment Summit (Goinvest 2.0) following the success recorded by the maiden summit held in December last year. The Gombe delegation also sought the IsDB’s support for the Muhammadu Buhari Industrial Park through Nigerian Investment Promotion Commission’s investor drive and for the bank to participate in the formal commissioning of the park which is coming soon. The Park Located in Dadinkowa, some 40km away from the state capital covers a thousand hectares of land and is provided with facilities and amenities like water, road network and power, guaranteeing a favourable atmosphere for industries to thrive. On the Gombe Green Sukuk, the IsDB assured to fully support the pre-development work, inventory aggregation, and the full implementation of the programme. In the area of Agriculture, the Bank through its agricultural team will directly support the livestock-value-chain and the anti-venom manufacturing plant in the state to reduce the devastating effects of snake bites and other related health risks on the people of the state. Balanga Dam, the second largest Dam in the state with a lot of potential is also set to benefit from the collaborative efforts. The Balanga Dam Project will be implemented with a detailed business plan and investor proposals thereby exploiting its full potential for the growth and development of Gombe State. The great Wawa-zange Grazing Reserve will also receive the needed attention. it is agreed that Gombe State will support MercyCorps to fast-track the development of the Business Case through the concession of the Project, putting the reserve to good use. The IsDB’s team assured of their group’s readiness to support the state in all the potential areas of investments and interventions, expressing confidence that the state has proven to be a dependable development partner. The Gombe State delegation had Dr. Ishiyaku Mohammed, Special Adviser to the Governor on Budget, Planning, and Development Partner Coordination; and Haj. Aisha Bako, Managing Director Onyx Consultant