The African Development Bank (AfDB) has announced a $1.44 billion investment to support the development of energy, power, transport, water, and sanitation infrastructure in Nigeria.
The President of the bank, Akinwunmi Adeshina, made this known at the Nasarawa Investment Summit 2024.
Adeshina, represented by Lamin Barrow, the Director-General of the AfDB’s Nigeria Country Department, stated that Nigeria faces a significant infrastructure deficit. This shortfall hinders the country’s efforts to diversify its non-oil production and achieve international export competitiveness.
“To address this problem, the African Development Bank supports the federal and state governments to improve the national and state infrastructure. As of April 2024, 31 per cent of the Bank’s active portfolio, valued at $1.44 billion, supports infrastructure development in Nigeria,” he stated.
He noted that the energy sector requires the largest portion of this investment, amounting to $759 billion.
The transport sector also demands substantial financial input, needing an estimated $575 billion to reach the necessary standards.
Citing the 2020 National Integrated Infrastructure Master Plan, he emphasized that Nigeria needs to invest approximately $2.3 trillion in total infrastructure between 2020 and 2043.
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