AfDB Participates in High Level Working Lunch with Nigerian Business Community

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The African Development Bank (AfDB) participated, on 24 November 2010, in a working lunch hosted by the Nigerian business community. The meeting aimed at gathering useful views from key stakeholders on the Nigerian business environment and on opportunities for cooperation. Participation was drawn from high level representatives (including CEOs) from financial institutions, potential clients, investment bankers, private sector and SMEs.

The meeting provided an opportunity for Nigerians to share with the Bank the challenges faced by private sector operators at the time when the country is firming up on its long term development vision. The lunch was also an opportunity for the Bank to gain further insights into on-going banking sector reforms and how the AfDB can scale up its support to the industry and the private sector in general.

The Bank was called to continue its support to the banking sector, availing much needed long term financing to further strengthen co-investment opportunities for infrastructure projects; to support the country's on-going efforts and measures to reform the regulatory framework for the financial sector; and to  promote the business environment, notably including through an effective public private partnership framework for infrastructure, and the power sector in particular.

The meeting was chaired by AfDB Vice President, Aloysius Ordu on behalf of President Donald Kaberuka. VP Ordu gave an overview of the Bank’s activities and focus in Nigeria, including the planned country analytical work aimed at identifying areas for partnership with respect to governance reforms. He reminded that the Bank’s strategy emphasizes infrastructure financing, private sector development and governance support projects. AfDB private sector operations was represented by Leila Mokadem, division manager.