African Development Bank Group (AfDB) / Press Release

Source: African Development Bank Group (AfDB) | May 30, 2025

Curtain falls on African Development Bank Group 2025 Annual Meetings, New President Elected

On Thursday, governors of the Group’s 81 shareholders elected former finance minister Mauritanian Sidi Ould Tah as the new president of the continent’s premier development institution

Nigeria provides $500 million to extend the Nigeria Trust Fund for another 15 years “It has been the greatest honour of my life to serve as president of the African Development Bank Group and to serve Africa “– Dr. Akinwumi Adesina The African Development Bank Group’s 2025 Annual Meetings (www.AfDB.org)…

Source: African Development Bank Group (AfDB) | May 15, 2025

Development Bank of Nigeria visits African Development Bank to benchmark sustainability and resilience into financing

Through the African Financial Alliance on Climate Change (AFAC), the African Development Bank offers technical assistance to African financial institutions to help them manage climate-related risks and unlock opportunities in green investments

A delegation of eight officials from the Development Bank of Nigeria (DBN) recently concluded a five-day study visit to the African Development Bank headquarters (www.AfDB.org) in Abidjan, Cote d’Ivoire. The visit, jointly hosted by the Climate Change and Green Growth Department and the Financial Sector Development Department, focused on sharing…

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- President Adesina (center in blue suit), Vice President Kashim Shettima (to his left in beige traditional attire) lay the foundation for the $538 million Special Agro-Industrial Processing Zone in Adiabo, Cross River State, on April 10, 2025, marking a milestone in Nigeria’s journey to become a food export leader through agro-industrialization
- Vice President Kashim Shettima, African Development Bank President Dr. Akinwumi Adesina, Governor Bassey Out, and other dignitaries unveil the plaque for the Special Agro-Industrial Processing Zone in Adiabo, Cross River State, on April 10, 2025, harnessing the state’s ports to boost global trade in cocoa and cassava
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Source: African Development Bank Group (AfDB) | Apr 15, 2025

Nigeria’s Cross River State second to commence construction of its Special Agro-Industrial Processing Zone

The African Development Bank Group has committed $934 million to SAPZs in 11 African countries

Nigeria’s Cross River State became the second to mark construction of a Special Agro-Industrial Processing Zone after the country’s Vice President Kashim Shettima and African Development Bank (www.AfDB.org) President Dr. Akinwumi Adesina broke ground at the project site on Thursday 10 April. The SAPZ aims to tackle food insecurity, enhance…

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- Nigeria’s Agro-Revolution: Construction of Special Agro-Industrial Processing Zones (SAPZ) begins
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Source: African Development Bank Group (AfDB) | Apr 08, 2025

Nigeria’s Agro-Revolution: Construction of Special Agro-Industrial Processing Zones (SAPZ) begins

African Development Bank Group and Nigeria Kick Off $538 million agro-industrial project across eight states

Nigeria’s food and agriculture sector is set to enter a new era of industrialization, as the Nigerian government, the African Development Bank (www.AfDB.org), and the State government of Kaduna kickstart the construction of Phase 1 of the Special Agro-industrial Processing Zones (SAPZ) program. The groundbreaking ceremony starts in Kaduna…

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- A new renewable energy platform supported by the African Development Bank and partners will serve nearly 70,000 households
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Source: African Development Bank Group (AfDB) | Jan 17, 2025

African Development Bank, PowerGen, and Partners Launch Transformative Renewable Energy Platform to Scale Clean Energy Access Across the Continent

With funding secured, PowerGen is well-positioned to serve the energy needs of more than 68,000 households and reduce the cost of power for 7,000 businesses

PowerGen Renewable Energy (PowerGen) has partnered with leading international investors to establish a scalable, distributed renewable energy platform targeting the deployment of 120 MW of renewable power, including battery energy storage solutions across Africa. The platform is a collaboration between PowerGen and the Private Infrastructure Development Group (PIDG), the Danish…

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- West Africa: African Development Bank's (AfDB) Sustainable Energy Fund Africa to provide $10 million anchor investment in Arm-Harith Investment Fund for Sustainable Infrastructure
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Source: African Development Bank Group (AfDB) | Dec 18, 2024

West Africa: African Development Bank Group's (AfDB) Sustainable Energy Fund Africa to provide $10 million anchor Investment in Arm-Harith Investment Fund for Sustainable Infrastructure

By investing in sustainable infrastructure and energy transition projects and emphasising innovation and first-of-a-kind developments, the Fund is expected to generate significant environmental, economic, and social benefits

The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a $10 million concessional equity investment in the ARM-Harith Successor Infrastructure Equity Fund to increase access to reliable electricity and modern transportation infrastructure as well as energy-efficient technologies in Nigeria and the wider West Africa region. The…

Source: African Development Bank Group (AfDB) | Dec 18, 2024

African Academy of Sciences Conference charts new path for continental scientific renaissance

The four-day event, themed "Empowering and Advancing Africa's Scientific Enterprise," features prominent voices in African science and development policy

The African Academy of Sciences (AAS) 15th Bi-Annual General Assembly and Scientific Conference opened with powerful calls for African scientific sovereignty and renewed investment in the continent's research capabilities. The four-day event, themed "Empowering and Advancing Africa's Scientific Enterprise," features prominent voices in African science and development policy. The 15th…

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- Nigeria’s Special Agro-industrial Processing Zones (SAPZ) Phase II, Boosted with a Whopping $2.2 billion Investment Interest at the Africa Investment Forum (AIF) 2024
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Source: African Development Bank Group (AfDB) | Dec 10, 2024

Nigeria’s Special Agro-industrial Processing Zones (SAPZ) Phase II, Boosted with a Whopping $2.2 billion Investment Interest at the Africa Investment Forum (AIF) 2024

SAPZ Nigeria Phase II is underway to expand to an additional 24 States in Nigeria in the next 3 years and will link Nigeria's agriculture to agro-industrialization to drive economic growth

The African Development Bank Group (www.AfDB.org) facilitated $2.2 billion in capital mobilization for its transformative Special Agro-Industrial Processing Zones Nigeria Phase II project during the Africa Investment Forum. At a packed presidential boardroom on Wednesday 4th December, governors from Nigerian States, leaders from multilateral development organizations, the diplomatic corps as…

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- AfDB Vice President, Dr. Beth Dunford (c), with Dr. Olasupo Olusi, Bank of Industry’s Managing Director/CEO (l), and African Guarantee Fund Group Chief Executive Officer, Jules Ngankam (r) at the signing ceremony
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Source: African Development Bank Group (AfDB) | Dec 10, 2024

African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative teams with African Guarantee Fund, Bank of Industry for $50 million financing agreement targeting Nigerian small and medium enterprises

The new deal will support women-led businesses via the AFAWA Guarantee for Growth program, which makes financing available for women entrepreneurs through de-risking and technical assistance measures

The African Development Bank Group’s (www.AfDB.org) Affirmative Finance Action for Women in Africa (AFAWA) program is lending its support to a new $50 million financing agreement to provide financial and business support to Nigeria’s women-led enterprises. The African Guarantee Fund and Bank of Industry signed the $50 million loan portfolio…

Source: African Development Bank Group (AfDB) | Oct 21, 2024

Nigeria: African Development Bank Approves $100 Million to Support Youth and Women-led Micro, Small and Medium Enterprises (MSME)

Approval kickstarts rollout of Youth Entrepreneurship Investment Bank (YEIB) initiative in partnership with government of Nigeria

The African Development Bank (www.AfDB.org) has approved a $100 million loan to increase access to finance for youth and women-led small and medium enterprises, under the Nigeria Youth Entrepreneurship Investment Bank (YEIB) initiative. The Nigeria YEIB is a pioneering institution designed to foster economic growth and job creation in the…