AfDB, Nigeria sign three loan agreements: AfDB supports Health, Economic and Rural Development in Nigeria

17/05/2005
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AfDB, Nigeria sign three loan agreements: AfDB supports Health, Economic and Rural Development in Nigeria

The Acting Vice President for the West and Central operations of the ADB Group, Mr. Jaouad Mohammed Gharbi signed today in Abuja three grant agreements in favour of Nigeria with the Nigerian Minister of Finance, Mrs. Ngozi Okonjo-Iweala, for the Olokola Deep Seaport and Free Trade Zone Development Study for the amount of  1.2 million Units of Account (UA*) (about US$ 1.8 million); the Agriculture and Rural Institutions Support Project for the amount of UA 3 million (about US$ 4.6 million); and the Multinational Polio Eradication Program covering Nigeria, Burkina Faso, Niger and Chad for the amount of UA 330,000 (US$ 500.000).

The three financings will support measures to enhance the use of the country’s natural resources, improve productivity to achieve food security, foster economic activity and create employment, and contribute to improving the health status and living conditions of populations affected by polio.

Specifically, the Olokola Deep Seaport and Free Trade Zone Development Study is intended to determine the technical feasibility and economic and financial viability of a project that would entail the building of a deep seaport and free trade zone complex on the coastal areas of Ogun and Ondo States.

The Agriculture and Rural Development Project aims at the rationalization, harmonization and realignment of departmental activities to make the use of public resources more efficient and effective.

The Polio Eradication operation will contribute to the elimination of the risk of an epidemic due to the circulation of wild poliovirus in the four contiguous countries, by strengthening the technical and material capacities of the immunization mechanism. The primary beneficiaries include more than 47 million children up to the age of 59 months in the four countries, of which 38 million are in Nigeria.

The Bank’s Group operations in Nigeria started in 1971. To date, the group has committed a total of UA 1.98 billion, equivalent to US$3 billion in the country.

 *1 UA = 1.51678 US$ as at 01/05/2005