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Nigeria makes formal request to host African Development Bank’s regional hub
“We think being the largest shareholder of the Bank since inception, and the country with one of the largest portfolio of its projects, Nigeria, is the natural and logical place for the Bank’s regional hub.” –Kemi Adeosun, Nigeria’s Minister of Finance and Governor of the African Development Bank.
Counting on its position as the largest shareholder of the Bank since inception, the Government of Nigeria has made a formal request to the African Development Bank to host its regional office in Abuja.
Nigeria’s Minister of Finance, Kemi Adeosun, who spoke Thursday at the commissioning of the Bank’s new world-class country office complex in Abuja, asked that the African Development Bank President, Akinwumi Adesina, communicate Nigeria’s desire to host West Africa regional hub to the Bank’s Senior Management and Board of Directors.
The state-of-the-art Nigeria Country Department (RDNG) office complex, situated in the Central Business District of Abuja, the country’s capital, is the first permanent structure is the first permanent structure to be designed and constructed in any regional member country of the Bank.
The building was commissioned by Nigeria’s Vice-President Yemi Osibanjo on behalf of President Muhammadu Buhari.
“I will like to put on record Nigeria’s strong desire and demand to host the regional hub of the African Development Bank,” Adeosun said.
Noting that the Bank had made Nigeria the first regional member country to host a purpose built and Bank-owned office complex, she said the complex would boost Nigeria’s efforts and plans for regional integration in the West African Region.
The improved relationship between the Bank and Nigeria has led to an all-time high portfolio level of about US $6 billion spread over 73 projects across sectors, she said.
The Minister commended the leadership of the Bank for providing a US $1-billion budget loan support for Nigeria during the period of economic recession, of which $600 million had been drawn.
“The signaling effect of that singular act gave the country’s foreign reserves the much-needed boost which helped stabilized the Nigerian currency – the Naira,” she said.
“The African Development Bank has proved to be quite dependable in Nigeria’s ongoing economic reforms and also ticks all the right boxes of strengthening our recovery efforts.”
The President of the African Development Bank, Akinwumi Adesina, assured that the Bank would continue to support Nigeria and other African countries to accelerate the development of infrastructure and energy on the continent.
He stressed the Bank’s gratitude to the Government of Nigeria for its continuous support and the land provided for the construction of the property.
“The Bank’s portfolio in Nigeria is currently about US $6 billion and we expect these investments to grow to $8 billion by the 2019,” he observed.
President Adesina said the Bank had invested $500 million in the Development Bank of Nigeria and would also be committing the sum of $200 million in the Transmission Corporation of Nigeria.
As the principal shareholder of the Bank since its inception, Nigeria has consistently fulfilled obligations in sustaining the Bank Group’s international credibility and credit rating.