Nigeria's economy to grow at 2.1 percent - AfDB

Posted January 20, 2018

The complex, situated in the Central Business District (CBD) of the federal capital city, is the first permanent structure to be designed and constructed in any regional member country of the AfDB.

"The AfDB has proved to be quite dependable in the Nigeria's ongoing economic reforms and also ticks all the right boxes of strengthening our recovery efforts", Adeosun said. Nigeria remains the largest shareholder of the Bank since its inception.

The bank in its 2018 African Economic Outlook projected that Nigeria's economy would grow at 2.1 per cent in 2018 and 2.5 per cent in 2019. The first tranche of $600m has been fully disbursed and utilized and in my discussions with the President of the Bank, we will be getting the remainder in the form of sector loans, so we are looking forward to the remaining $400m.

This is according to African Development Bank president Akinwumi Adesina, citing data from the bank's 2018 African Economic Outlook.

The African Development Bank (AfDB) yesterday said its $1 billion emergency lifeline approval support to Nigeria a year ago was what helped to pull the country out of recession, the country's worst economic crisis in more than a decade.

He announced that the Bank would organise the Africa Investment Forum on November 7-8, 2018 in Johannesburg, South Africa, to mobilise funds for infrastructure development, to bridge an estimated funding gap of $130-$170 billion a year, up from previous estimates of U.S. $100 billion per year.

Your Excellencies, Distinguished Ladies and Gentlemen, as we celebrate the commissioning of this world-class edifice, I wish to reiterate the commitment of the Buhari Administration to the Bank's strategy in Nigeria.

"The signaling effect of that singular act gave the country's foreign reserves the much-needed boost, which helped stabilized the Nigerian currency - the Naira", she said.

"We think that being the largest shareholder of the bank since inception and the country with one of the largest portfolios of its projects, Abuja, Nigeria is the natural and logical place for the bank's regional hub".

The Bank president highlighted various innovative ways in which Africa countries can generate capital for infrastructure development, and what the Bank is doing through its ambitious High 5 development agenda to address the issues raised in the report.

He said the bank would continue to support Nigeria and other African countries in order to accelerate the development of infrastructure and energy on the continent.

The Bank, he added, is providing United States $263 million toward the rehabilitation of basic livelihoods in the northeast, with the expectation of providing water, sanitation, hygiene and health services that will benefit 14 million people, including 1.9 million Internally Displaced Persons.

Citing data from the 2018 report, Adesina said infrastructure projects were among the most profitable investments any society can make, as they "significantly contribute to, propel, and sustain a country's economic growth. We were there in the down time, we will also be there for Nigeria in the up time!"