AFDB's investments in Nigeria worth $4.4bn

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.

He said, “Currently, the bank’s portfolio in Nigeria is one of the largest among the Regional Member Countries, with a total commitment value of $ 4.4bn. These comprised of 48 operations fairly evenly distributed between public and private sector operations.”

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.

He said, “We are pleased that the share of start-up delays has been reduced from 32 per cent of flagged operations in June 2023 to 28 per cent in October 2023, and is expected to reach eight per cent by the end of 2023 with timely and targeted actions for some projects.

“Some of our portfolio performance metrics have also improved. In particular, operations flagged for implementation challenges decreased from 36 per cent in January 2023 to 32 per cent in September 2023.”

Source