AfDB galvanises partners to drive investments in Nigeria

The African Development Bank (AfDB) has said it will galvanise some development partners and financial institutions to drive investments in Nigeria.

The AfDB President, Dr. Akinwumi Adesina, said this on Tuesday as a panelist at a one-day investors’ webinar to showcase the investment opportunities from the Federal Government of Nigeria’s reform and privatisation activities.

He said the construction of the LagosAbidjan highway, which is expected to commence from next year, would unlock 85 per cent of trade within the ECOWAS sub-region.

Mr. Adesina said some of the basket of investments opportunities include: direct lending, equity participation, derisking facilities, and the platform of the Africa Investment Forum platform to support the government, and other key stakeholders, implement bold and innovative approaches to drive private sector participation and investments in the economy.

He said Nigeria’s infrastructure deficit is one of the main constraints to industrial development and national competitiveness.

Adesina who was represented by the Director-General, AfDB Group, Nigeria Country Department, Mr. Lamin Barrow, noted that this why the AfDB is supporting the government’s efforts in addressing the infrastructure deficit in Nigeria through development of both national and regional infrastructure.