As President of the African Development Bank (AfDB), Dr Akinwumi Adesina arrives Nigeria today to hold talks with President Muhammadu Buhari and other key government officials over the country’s economic challenges, the bank said it has committed $524,969 million worth of loans to Nigeria, as at September 2016.
This brings the value of its investment in the country’s economy from 1967 when it began operations in the Nigeria, to about US $7 billion.
According to a statement by the bank, as its biggest shareholder, it is working closely with the Nigerian government to support its various sectors, including agriculture, infrastructure, energy, transport, water and sanitation.
The AfDB pointed out that during the 3-day visit, which is Adesina’s first official visit to the country since his appointment last year, the bank’s president will meet policy-makers, the private sector, and development partners to discuss the challenges facing Nigeria and highlight the AfDB’s commitment to further strengthen its partnership with Nigeria.
“I am very much looking forward to my first official visit to Nigeria as President of the AfDB. Nigeria is a vital shareholder and partner for the Bank. The Nigerian economy is in a critical phase, and in these difficult times, we have to make sure we all work together to tackle the challenges facing Africa’s largest economy,” Adesina said ahead of his trip.
It further pointed out that the visit aims to advance cooperation across a wide range of areas, including how best Nigeria can respond to its current challenges.
“In Abuja, Adesina will hold a series of meetings with the leadership of Nigeria, including President Muhammadu Buhari, Minister of Finance Kemi Adeosun, and Central Bank Governor Godwin Emefiele. The AfDB President will take part in a roundtable discussion with philanthropic leaders and hold discussions with the private sector, as well as development partners. Adesina will also receive an award by the Nigerian Economic Society,” the statement added.
LEADERSHIP recalls that Adesina, had in an interview with Bloomberg a few days ago, while speaking on the country’s economic recession, posited that, “Mining has huge potential in Nigeria. It’s a resource that needs to be tapped. Nigeria probably doesn’t need to spend its way out of the crisis. It needs to incentivise critical sectors to have a more balanced revenue base. That’s where the focus has to be.”