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“Nigeria is a large country that plays a leading role in the West African region. 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”.
Tunis, 18 November 2010 – The African Development Bank (AfDB) Group President, Donald Kaberuka, will on Tuesday, 23 November 2010 start a two-day trip to Nigeria.
The AfDB is supporting Nigeria’s growth, poverty reduction and economic diversification plans. AfDB strategic pillars of intervention in Nigeria include the development of human capital through improved service delivery in education and health; as well as stimulating private sector-led growth in the non-oil sector through enhanced infrastructure, agricultural and rural development.
Nigeria potentially has the largest consumer market on the continent. The Nigerian economy has witnessed a period of sustained growth over the past five years, averaging 5.6% annually.
During his visit, Mr. Kaberuka will meet with Nigeria’s finance minister, Olusegun Aganga, the Nigerian Central Bank Governor, Sanusi Lamido Sanusi, as well as senators and members of the house of representatives, among others. He will also attend a working session with private sector operators.
Nigeria played a key role in the establishment of the AfDB Bank and hosted the first board of governors meeting in November 1964. Nigeria has, since then, been the largest Bank Group shareholder with about 9 percent of the Bank’s total capital stock. In July 1976, Nigeria established the Nigeria Trust Fund (NTF) as a soft window affiliate of the Bank to help with development efforts of more disadvantaged AfDB member countries. Nigeria further established the Nigeria Technical Cooperation Fund (NTCF) in April 2004 in Tunis with USD 25 million grant resources to assist AfDB regional member countries in the preparation and implementation of projects and programmes in the spirit of south–south partnership.