The African Development Bank (AfDB) has announced a substantial investment of $1.44 billion to bolster Nigeria’s infrastructure in the energy and power, transport, water, and sanitation sectors.
Akinwunmi Adesina, President of the AfDB, announced this commitment during the Nasarawa Investment Summit 2024 held in Lafia, Nasarawa State’s capital, on May 15-16. Adesina, represented by Lamin Barrow, Director-General of AfDB’s Nigeria Country Department, emphasized Nigeria’s pressing infrastructure deficit hindering diversification from oil-based industries and international export competitiveness.
Referring to the 2020 National Integrated Infrastructure Master Plan, Adesina highlighted Nigeria’s need for an estimated $2.3 trillion investment in infrastructure between 2020 and 2043 to reach an infrastructure stock benchmark of 70% of GDP. Energy infrastructure requires the largest share of this investment, totalling $759 billion, with the transport sector needing $575 billion to meet standards.
Barrow quoted Adesina as saying, “To address this problem, the African Development Bank is supporting the federal and state governments to improve the national and state infrastructure. As of April 2024, 31% of the Bank’s active portfolio, valued at $1.44 billion, supports infrastructure development in Nigeria.”
Federal Government’s Perspective
Dr. Doris Nkiruka Uzoka-Anite, Minister of Industry, Trade, and Investment, representing President Bola Ahmed Tinubu, commended Nasarawa State’s achievements, particularly in the mining sector. She lauded Nasarawa’s agricultural development efforts and focus on key commodities like sesame, rice, and ginger.
Governor Abdullahi Sule of Nasarawa State expressed gratitude to the AfDB for supporting industrial and sustainable economic growth. He highlighted the AfDB’s funding of water supply projects in Keffi and Akwanga, which encompass intake facilities, treatment plants, transmission, and distribution pipelines, among other infrastructure.
The summit attracted local and foreign investors, private sector representatives, and senior government officials, underscoring the significance of collaborative efforts to drive economic development.
