African Development Bank Group (AfDB) / Press Release

Source: African Development Bank Group (AfDB) | Mar 28, 2024

Nigeria: African Development Bank signs $75 million loan agreement to boost Indorama’s fertilizer production and export capacity

Indorama’s two operational urea fertilizer lines serve Nigeria’s domestic market, supporting the country’s agricultural sector

The African Development Bank (www.AfDB.org) has signed a $75 million loan agreement with Nigeria’s Indorama Eleme Fertilizer and Chemicals Limited. The loan will enable Indorama to increase its fertilizer production and develop a port terminal for exports, supporting food production and food security across regional and international markets, while fostering job…

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- (L-R) Stanley George, Director, International Economic Relations Department, Federal Ministry of Finance; Sale Samanja, Yobe State Attorney General and Commissioner of Justice; Mohammed Abacha, Yobe State Commissioner for Finance; Sidi Yakubu, Yobe State Commissioner for Environment and Lamin Barrow, Director General, African Development Bank Nigeria Country Department, during ECCAP loan negotiation agreement meeting at the Bank’s Office in Abuja, Nigeria
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Source: African Development Bank Group (AfDB) | Mar 26, 2024

African Development Bank approves $50 million loan to support climate change resilience, improve livelihoods and boost food security in Nigeria’s Yobe State

Yobe State Government will contribute $4.52 million in counterpart funding, and project beneficiaries are contributing $16.82m

The Board of Directors of the African Development Bank Group (www.AfDB.org) approved a $50 million loan for the Yobe State Environmental and Climate Change Action Project (ECCAP) to enhance climate change resilience, boost food security, and improve livelihoods for over 3.5 million people in northeast Nigeria. The project cost is…

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- (L-R) President, African Development Bank Group, Dr. Akinwumi Adesina and EkitiState Governor, Biodun Abayomi Oyebanji, during an official meeting with the Bank’s President in Lagos
- Lamin Barrow, Director General, African Development Bank Nigeria Country Department (5th from left); Stanley George, Director, International Economic Relations Department, Federal Ministry of Finance ( 6th from left) and Akintunde Oyebode, Ekiti State Commissioner for Finance and Economic Development (7th from left), during EKZ loan negotiation agreement meeting at the Bank’s Office in Abuja, Nigeria
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Source: African Development Bank Group (AfDB) | Feb 22, 2024

Catalyzing Digital Innovation: African Development Bank commits $80 million to Ekiti Knowledge Zone Project in Nigeria

State-led pioneering special economic zone project, designed to foster linkages between educators, researchers, innovators, entrepreneurs, and industries, all within one location

In the heart of Nigeria’s Ekiti State, a groundbreaking initiative is taking shape – the Ekiti Knowledge Zone (EKZ), a bold step to transform the region into a hub for digital innovation and knowledge economy. The African Development Bank has committed $80 million in loan financing for this state-led pioneering…

Source: African Development Bank Group (AfDB) | Dec 08, 2023

Nigeria: African Development Bank and FSDH Merchant Bank sign $20 million Trade Finance Agreement to support Small and Midsize Enterprises (SMEs) and Corporates

The facility will catalyze more than $200 million of trade finance transactions across several sectors, including agriculture, manufacturing, and energy

The African Development Bank (www.AfDB.org/en) has signed a $20 million Trade Finance Facility Agreement with FSDH Merchant Bank to support small- and medium-sized businesses in Nigeria's industrial and manufacturing sectors. The facility consists of a $15 million Trade Finance Line of Credit to support SMEs and indigenous corporates and a…

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- The Guardian's Chairman and Publisher, Lady Maiden Alex-Ibru (fourth left), presents a new book to African Development Bank President Akinwumi Adesina after delivering the newspaper's 40th anniversary lecture in Lagos. With them is the newspaper's Chairman of Editorial Board, Prof Wale Omole (second left)
- African Development Bank Group President Dr Akinwumi Adesina
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Source: African Development Bank Group (AfDB) | Nov 30, 2023

Resource-rich Africa has no excuse to remain poor, says African Development Bank president

“Our governments must realise their responsibility to lift people out of poverty and into wealth as quickly as possible; It is doable”—Adesina

With $6.2 trillion worth of natural resources, 65 percent of the world’s uncultivated arable land, and a vibrant youth population, Africa has no excuse to be poor, African Development Bank Group President Dr Akinwumi Adesina (http://www.AfDB.org) said on Tuesday. He said the continent must look inward urgently to solve its many challenges…

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- L to R: Sokoto State Deputy Governor Idris Mohammed Gobir, Kano State Deputy Governor Aminu Abdussalam, Zamfara State Governor Dr Dauda Lawal, Katsina State Governor Mallam Dikko Umar Radda, African Development Bank Group President Dr Akinwumi Adesina, Kebbi State Governor Dr Nasiru Idris, Kaduna Deputy Governor Dr Hadiza Sabuwa Balarabe, Jigawa State Governor Alhaji Umar Namadi
- The African Development Bank is working with the Federal Government of Nigeria to tackle high food and energy prices, Dr Adesina told the governors
- Nigeria’s North West governors are prioritizing a coordinated approach in collaborating with the African Development Bank to implement agriculture and power projects to drive the zone’s development and improve livelihoods
- Nigerian Governors said the North West has sufficient water and land resources to produce enough food, particularly rice and wheat, to feed the country
- The African Development Bank Group has invested more than $10 billion in Nigeria since it started operations in the country in 1971
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Source: African Development Bank Group (AfDB) | Nov 19, 2023

Nigerian North West State Governors visit African Development Bank to boost cooperation

African Development Bank Group President applauds Nigeria's North West Governors on regional approach to development

Seven newly elected Nigerian State Governors visited the African Development Bank Group (www.AfDB.org) in Abidjan to strengthen cooperation and unlock the country's vast agricultural potential. The delegation, meeting with Bank President Dr Akinwumi Adesina, was led by Katsina State Governor Mallam Dikko Umar Radda, and included Governors Dr Nasiru Idris…

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- L-R: Consul-General of the Kingdom of Netherlands, HE Michel Deelen; Special Assistant to Nigeria’s Minister for Women Affairs Dr Fatimah Abdullahi; African Guarantee Fund Group CEO Jules Ngankam; Director in the Nigeria Ministry of Finance, Grace Ogbonna; AfDB Vice President Dr. Beth Dunford and AfDB Director General for Nigeria, Lamin Barrow at the opening of the AFAWA Finance Series Nigeria
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Source: African Development Bank Group (AfDB) | Oct 18, 2023

African Development Bank, African Guarantee Fund kick off Affirmative Finance Action for Women in Africa (AFAWA) Finance Series Nigeria to unlock financing for women-led start-ups

The series of events will bring together representatives of government, policymakers and financial institutions for an introduction to AFAWA’s partnership services for the Nigerian market

The African Development Bank Group (www.AfDB.org) and the African Guarantee Fund have made a strong case for the positive impact of increasing women’s financial inclusion on Nigeria’s economy before an audience of senior Nigerian government and banking leaders. The two institutions opened the AFAWA Finance Series Nigeria, part of the…

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- Representatives from more than 30 regional and international development finance institutions took part in the first roundtable on the Abidjan-Lagos highway
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Source: African Development Bank Group (AfDB) | Oct 03, 2023

Africa Investment Forum 2023: West Africa aims to accelerate the construction of the Abidjan to Lagos highway

The Abidjan-Lagos highway project envisions a 1,081 kilometre highway linking five countries in West Africa – Côte d’Ivoire, Ghana, Togo, Benin and Nigeria

Heads of State in the Economic Community of West African States (ECOWAS) have decided to speed up the construction of the highway between Abidjan and Lagos, a project for which the African Development Bank (www.AfDB.org) is playing a leading role in mobilizing funding. The Bank has already contributed USD 25 million…

Source: African Development Bank Group (AfDB) | Jul 02, 2023

Nigeria: African Development Bank approves $115m loan to Abia State for road rehabilitation, erosion control and solid waste management

The project will build resilience by providing the towns access to urban infrastructure services, including economic and social amenities

The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a loan of $115 million to support a major road rehabilitation project in Nigeria’s Abia State. The project will see the rehabilitation of roads, erosion control infrastructure and preparation of solid waste management facilities in the state…

Source: African Development Bank Group (AfDB) | May 30, 2023

Speech Delivered by Dr. Akinwumi A. Adesina - President, African Development Bank Group: Inauguration Lecture for the New President of Nigeria on 27 May 2023 at Abuja, Nigeria

The African Development Bank was ranked last year by the Washington D.C.-based Center for Global Development as the “Best Multilateral Development Bank in the World”

PROTOCOLS Your Excellencies, I wish to thank President Muhammadu Buhari for his personal invitation to me to attend the ceremonies for the swearing-in of the incoming President-elect, H.E. Bola Ahmed Tinubu. Congratulations Mr. President on Nigeria’s 7th consecutive democratic transition. Congratulations to the incoming President and Vice President. I wish…