The African Development Bank (AfDB) has disclosed that its cumulative financing approvals in Nigeria stand at $10.9 billion.

The Director-General of West Africa Region, AfDB, Lamin Barrow, disclosed this at the Second Interactive Session and Workshop on Developing Bankable Business Proposals/Business Plans for Youths in Agriculture in Abuja on Monday, July 22, 2024.

The event was held as part of the activities to celebrate the bank’s 60th anniversary with stakeholders.

Barrow said: “Over the last 60 years, the bank has grown into a trusted partner and the continent’s premier development financial institution.

“Our cooperation with Nigeria has expanded over the years, especially considering that Nigeria is the largest shareholder.

“Since it started operations in the country, cumulative financing approvals have reached $10.9 billion and our portfolio currently stands at $4.9 billion supporting projects in the public and private sectors.”

Barrow said AfDB President Dr Akinwumi Adesina upon assumption of office eight years ago, prioritised the High 5–of Power, feed, Industrialise, Integrate and Improve the quality of life for the people of Africa.

He said these were the accelerators for achieving the SDGs and the targets in the African Union’s Agenda 2063.

AfDB to support Nigeria’s power sector with $1bn

The AfDB official stated that the projects and programmes supported during this period have impacted over 400 million people.

He added added the workshop will enhance the knowledge and skills of participants in preparing bankable proposals to unlock financial support for their enterprises.

Also speaking at the event, the AfDB Vice-President, Regional Development, Integration and Business Delivery Complex, Marie-Laure Akin-Olugbade, identified agriculture as a business.

Akin-Olugbade said: “We are here to reimagine Africa’s future. A future powered by agriculture that backs the perception of agriculture as a low-income, low-status occupation that attracts only 21.5 per cent of youth.

“Where women, comprising 50.8 per cent of Africa’s population, continue to face systemic challenges including gender-based discrimination, marginalisation, violence, and unequal access to education, land, resources, opportunity, and a voice.

“Africa is home to 65 per cent of the world’s remaining arable land enough to feed 9.5 billion people in the world. Agriculture is a business.”

According to the vice president, growth in the agricultural sector is two to four times more effective in reducing poverty than growth in other sectors.

She said by 2030, Africa’s food and agriculture market is projected to be valued at $1 trillion.

The Star