By Adedapo Adesanya
The African Development Bank (AfDB) President, Mr Akinwumi Adesina, has pledged the lender’s support toward revamping Nigeria’s economy, saying he was impressed by President Bola Tinubu’s commitment to bold and sound policies for the economy.
Recall that since taking over office less than a month ago, President Tinubu has removed fuel subsidies that saw petrol prices more than double, removed the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, floated and unified the foreign exchange, as well as remove other heads in the military and executive agencies.
These have drawn support from many, including Nigeria’s former agriculture minister, Mr Adesina, who made the pledge during a meeting with the Nigerian leader at the New Global Finance Pact Summit in Paris, France.
The AfDB president, via his verified Twitter handle, @akin_adesina, said: “ I had a great meeting with President Tinubu during the New Global Finance Pact Summit in Paris.
“The AfDB will strongly support his vision for the Nigerian economy.”
On his part, President Tinubu commended Mr Adesina and AfDB for the bank’s investment of $520 million in the Special Agro-processing Zones Programme, which was reputed as the largest in scope and size in Africa.
He assured the AfDB president that the Federal Government would continue to provide the necessary support for the Bank’s projects and operations in Nigeria.
The Abidjan-based bank’s portfolio in Nigeria comprises 48 operations for a total commitment value of $4.2 billion. The national (Federal and States) operations account for 90 per cent of the portfolio, for 41 projects amounting to $3.79 billion, while multinational operations constitute 10 per cent for seven projects amounting to $0.41 billion.
There are 24 Sovereign Operations ($2.36 billion or 56 per cent of total commitments) and 24 Non-Sovereign Operations ($1.84 billion or 44 per cent).
A mapping of the portfolio to the High 5s shows a balanced distribution: Industrialise Africa has the highest share (45 per cent). This is followed by Improve the Quality of Life for the people of Africa (18 per cent), Light up and Power Africa (14 per cent), Feed Africa (13 per cent), and Integrate Africa (10 per cent).
Also, the performance of the bank’s public sector portfolio in Nigeria has been satisfactory.