The African Development Bank (AfDB) has invested $1.44 billion to support the development of energy and power, transport, water, and sanitation infrastructure in Nigeria.
The bank’s Nigeria Country Department Director-General, Lamin Barrow, made this disclosure at the Nasarawa Investment Summit 2024, held from 15 – 16 May in Lafia, the Nasarawa State capital.
The event was attended by local and foreign investors, representatives of the private sector, and senior government officials.
Acknowledging the resonance of the Summit theme against the backdrop of turbulence in the global economy, Barrow noted that Nasarawa State, and indeed Nigeria, faced a huge infrastructure deficit, inhibiting the government’s efforts to diversify the nation’s non-oil production and achieve international competitiveness for exports.
According to the 2020 National Integrated Infrastructure Master Plan, Nigeria requires between 2020 and 2043, total infrastructure investments estimated at $2.3 trillion, to raise its infrastructure stock to the international benchmark of 70% of GDP.
Based on the plan, the energy sector alone will require $759 billion, while the transport sector needs $575 billion.
Barrow, in the address he delivered on behalf of the bank Group’s President, Dr. Akinwumi Adesina, at the forum said: “To address this problem, the African Development Bank is supporting the federal and state governments to improve the national and states’ infrastructure. As of April 2024, 31 percent of the Bank’s active portfolio, valued at $1.44 billion, is supporting infrastructure development in Nigeria.”
The development finance banker stressed that to achieve industrial renaissance, Nasarawa State and Nigeria must accelerate domestic resource mobilization; boost agriculture sector productivity; develop value chains and supportive infrastructure; enhance de-risk investments; prioritize natural resource value addition and beneficiation; strengthen institutional capacity and bridge the skills mismatch to enhance youth employability.
He expatiated: “Nasarawa is known for its huge potential in agriculture, particularly its organized commodity aggregation system, which ensures the marketability and traceability of produce. It is reassuring to note that Nasarawa is prioritizing the development of agricultural value chains for key commodities such as sesame, rice, and ginger. “
In his keynote address at the event, President Bola Tinubu, who was represented by the Minister of Industry, Trade and Investment, Dr. Doris Nkiruka Uzoka-Anite, said the Federal Government was proud of Nasarawa State, particularly for the positive strides it had made in the mining sector.
According to the President, Nasarawa State “has shown great vision in ensuring that their vast lithium deposits are developed and processed, ensuring that raw materials are not exported out of this country without any value addition, in line with the renewed hope agenda.”
In his welcome remarks, the Nasarawa State Governor, Engr Abdullahi Sule, commended the AfDB for its continued support for the industrial and sustainable economic development of the state.
The development finance institution has financed the construction of the Keffi and Akwanga water supply schemes in Nasarawa, comprising intake works, pumping stations, a 62,850 m3/d treatment plant, 19.9 km of transmission pipes and 42 km of distribution pipes, as well as service reservoirs, drainage, and buildings.
Also, the state is under consideration for participation in the AfDB’s Phase II of the Special Agriculture Processing Zone (SAPZ) programme in Nigeria.
