The Director-General of the West Africa Region for the African Development Bank (AfDB), Lamin Barrow, announced that the bank’s cumulative financing approvals in Nigeria amount to $10.9 billion.
Barrow made this statement on Monday during the Second Interactive Session and Workshop on Developing Bankable Business Proposals/Business Plans for Youths in Agriculture, held in Abuja.
The News Agency of Nigeria reported that this event is part of the activities marking the AfDB’s 60th anniversary with stakeholders.
“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 has reached 10.9 billion dollars and our portfolio currently stands at 4.9 billion dollars supporting projects in the public and private sectors,” he said.
Barrow said the AfDB’s 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.
According to Barrow, the projects and programs supported during this period have impacted over 400 million people.
He said, “This Interactive Session provides an opportunity to discuss ways of addressing the many challenges faced by youths and women in agro-business, including access to finance.
“We applaud the Federal Government of Nigeria for spearheading various initiatives and programs to increase production and productivity in the sector.
“We also commend its efforts to create job opportunities for youths and women, and to combat food insecurity amidst the high food inflation currently witnessed in Nigeria.”
Barrow added that the workshop aims to enhance the knowledge and skills of participants in preparing bankable proposals to unlock financial support for their enterprises.
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