Published On: Fri, Jan 19th, 2018

Nigeria To Maintain Leading Role In AfDB -Osinbajo

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By Nuel Suji – Nigeria’s Vice President, Yemi Osinbajo says the country will continue to play a leading role in the African Development Bank (AfDB) in order to advance efforts to boost regional integration across the continent.

Mr. Osinbajo said Nigeria remains a strong and committed partner of AfDB and had already demonstrated her commitment through the partnership that led to the establishment of the Bank’s Nigeria Trust Fund, established in 1976.

The Vice President spoke at the Commissioning of the AfDB’s Country Office in Abuja, Nigeria’s capital on Thursday.

“With its large market of over 185 million people, Nigeria will continue to be an important player in the Bank’s work, advancing efforts to boost regional integration within the Economic Community of West African States (ECOWAS) in particular and Africa as a whole.

“The Trust Fund of more than $500 million has helped to transform the economies and improve the living standards of millions of people in other African countries,” Mr. Osinbajo noted.

Adding: “In Nigeria, the AfDB has an active portfolio of close to $6 billion dollars spread over 73 projects across public and private sectors of the Nigerian economy. These projects continue to create thousands of direct and indirect jobs in many parts of our economy.

“I am particularly delighted that the Bank is working closely with this administration in addressing the challenges faced by communities and people emerging from the insurgency in the North East and some of the militancy in the Niger Delta Region.

“The Bank’s Inclusive Basic Service Delivery and Livelihood Empowerment Integrated Programme (IBSDLEIP), aimed at addressing the challenges in the North East in particular, is commendable. The project will support the youth, women and IDPs who have returned to their communities. An estimated population of more than 10 million affected people are expected to directly benefit from this project.

“More specifically, I thank the President and Board of Directors of the African Development Bank, for their support to Nigeria at a very difficult time during the 2015/16 economic recession. When we requested support from the Bank, the response was swift. The Bank approved a budget support loan of $1 billion in November 2016. The first tranche of $600m has been fully disbursed and utilized and in my discussions with the President of the Bank, we will be getting the remainder in the form of sector loans, so we are looking forward to the remaining $400m.

“The approval by AfDB sent a much-needed positive signals to the markets at a critical time for Nigeria and for this we will ever remain ever grateful.

“While Africa has made significant strides in economic growth and in poverty reduction, much remains to be done. The goal is clear – to eradicate poverty, create more inclusive socio-economic development and to integrate the continent.

“I am particularly delighted that the Bank is working closely with this administration in addressing the challenges faced by communities and people emerging from the insurgency in the North East and some of the militancy in the Niger Delta Region.

“With its large market of over 185 million people, Nigeria will continue to be an important player in the Bank’s work, advancing efforts to boost regional integration within the Economic Community of West African States (ECOWAS) in particular and Africa as a whole.”

 

 

 

 

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