NIGERIA – The African Development Bank (AfDB) has invested US$1.44 billion to support the development of energy and power, transport, water, and sanitation infrastructure in Nigeria.
According to the 2020 National Integrated Infrastructure Master Plan, Nigeria requires total infrastructure investments estimated at US$2.3 trillion between 2020 and 2043 to raise its infrastructure stock to the international benchmark of 70% of GDP.
The energy sector alone will require US$759 billion, while the transport sector needs US$575 billion.
“To address this problem, the African Development Bank supports the federal and state governments to improve national and state infrastructure. As of April 2024, 31 percent of the Bank’s active portfolio, valued at US$1.44 billion, supports infrastructure development in Nigeria,” said the Bank’s Nigeria Country Department, Director General Lamin Barrow.
“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.”
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,” Barrow said.
Dr. Doris Nkiruka Uzoka-Anite, Minister of Industry, Trade and Investment, said the country was proud of Nasarawa State, particularly for its positive strides in the mining sector.
“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,” she said.
Nasarawa State Governor Abdullahi Sule thanked the African Development Bank for its continued support of the state’s industrial and sustainable economic development.
The African Development Bank has financed the construction of the Keffi and Akwanga water supply schemes in Nasarawa. These schemes comprise 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.
In March this year, the AfDB approved a US$50 million loan for the Yobe State Environmental and Climate Change Action Project (ECCAP) to enhance climate change resilience, boost food security, and improve the livelihoods of over 3.5 million people in northeast Nigeria.
The project cost is estimated at US$101.34 million. The African Development Bank will provide a US$50 million loan, while the Arab Bank for Economic Development in Africa (BADEA) is expected to provide US$30 million in co-financing.
Yobe State Government will contribute US$4.52 million in counterpart funding, and project beneficiaries are contributing US$16.82 million.
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