AFDB invested $4.4bn in Nigeria, says DG

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With a total commitment value of $4.4 billion, the African Development Bank’s portfolio investments in Nigeria rank among the greatest among the Regional Member Countries, according to Mr. Lamin Barrow, Director-General of the Nigerian Country Department.

At the 2023 Country Portfolio Performance Review Workshop in Abuja, he made this statement.

However, this performance is lower than the $5 billion in portfolio value in 63 operations that was noted in 2022.

Reiterating the bank’s commitment to encourage investments in the nation, Barrow stated that 48 distinct fundings were split equally between the nation’s public and private sector operations.

 

“With a total commitment value of $4.4bn, the bank’s portfolio in Nigeria is currently among the largest among the Regional Member Countries,” he stated. These consisted of 48 operations that were split pretty evenly between those in the public and private sectors.

Barrow added that from 36% in January 2023 to 32% in September 2023, the percentage of flagged operations has dropped.

He said the bank could achieve 100% compliance by closely monitoring the procurement plans and implementation procedures.

“We are happy that the percentage of start-up delays has decreased from 32% of flagged operations in June 2023 to 28% in October 2023. With timely and focused actions for certain projects, we anticipate that this percentage will reach 8% by the end of 2023,” he stated.

Read Also: Tinubu congratulates Lagos Oba on his 80th birthday.

Additionally, a few of our measures for portfolio performance have improved. Specifically, the percentage of operations that were marked for implementation issues dropped from 36% in January 2023 to 32% in September 2023.

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