Positioning Nigeria among the Strongest Economies in the World in 2020

25/11/2010
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The African Development Bank (AfDB ) President, Donald Kaberuka, just completed a two-day official visit to Nigeria (23-24 November 2010). During the visit, he met with President Goodluck Jonathan, who commended his outstanding achievements and reiterated his country's support to the Bank.

"Nigeria is at your side to support you to continue the reforms you have undertaken," said President Jonathan Goodluck. In order to better understand Nigeria’s needs and assess the prospects for future AfDB Group operations in the country, the AfDB President also held talks with Vice-President Namadi Sambo, Senate President David Mark, parliamentarians, the chairman of the House of Representatives Finance Committee, the Finance Minister Olosegun Agang, government officials, bankers, experts and business people.

"I'm leaving Nigeria's satisfied with the quality of the discussions I had at all levels. Nigeria is a large country with huge potential, an economy that plays a leading role in the West African region. Like most African countries, Nigeria is suffering from a large deficit in infrastructure, particularly in energy. The AfDB is prepared to lend its support to resolve this problem, in close collaboration with the Nigerian private sector", Mr. Kaberuka said at a press briefing at the end of the visit.

During a meeting with the principal architects of Vision 2020, held at the Presidential villa under the chairmanship of Vice-President Sambo, the Bank Group President took note of the needs expressed by Nigerian authorities. These requirements cover all the sectors, especially infrastructure (airports, roads, railways, ICT, energy), capacity building, industry, agriculture and rural development, governance, climate change, integration at federal and regional levels.

Vision 2020 aims at positioning Nigeria among the top 20 world economies. However, to achieve this goal, Nigeria must ensure an average in energy generation of 40,000 megawatts per day. To date, total electricity generation in Nigeria is 3,500 megawatts / day, against an estimated demand of 15,000 megawatts per day. The estimated investment in this sector to fill the gap amounts to USD 4 billion/year over the next 10 years.

Areas of intervention involved in Vision 2020 are in line with the AfDB Group's Medium-Term Strategy. "I welcome the farsighted vision of Nigerian authorities and the proper articulation of Vision 2020. The AfDB Group and Nigeria will work together for its realization", said President Kaberuka.

Nigeria is a founding member of the AfDB. The country has access to both non-concessional (ADB) and concessional (ADF) resources. The AfDB has an office in Nigeria which is a major hub of its decentralization policy.