• AfDB, UNDP, ECA to organise 11th African Economic Conference

    AfDB, UNDP, ECA to organise 11th African Economic Conference

    African Development Bank (AfDB), United Nations Development Programme (UNDP) and the UN Economic Commission for Africa (ECA) are set to commence 11th African Economic Conference (AEC).

    President Muhammadu Buhari is expected to officially declare the event open alongside AfDB President, Akinwumi Adesina; Acting ECA Executive Secretary, Abdalla Hamdok; UN Assistant Secretary General and Director of UNDP Regional Bureau for Africa, Abdoulaye Mar Dieye.

    Nigeria will play host to researchers, policy-makers and development partners this week for the 11th African Economic Conference (AEC).

    About […]

  • AfDB to boost power supply in Africa with $12 billion -Adesina

    AfDB to boost power supply in Africa with $12 billion -Adesina

    Akinwumi Adesina, president of the African Development Bank (AfDB) has explained that the bank would invest $12bn over the next five years to support accelerated electricity supply in Africa and would leverage between $45 to $50m from the private sector.

    He disclosed this at the Africa Day in Marrakech, Morocco on the side-line of COP22, organized by African Union (AU) in collaboration with Nigeria and Economic Community of West African States (ECOWAS), with the theme, “Moving from Commitment to Action with […]

  • AfDB approves US $1m grant to fight malnutrition in Borno

    AfDB approves US $1m grant to fight malnutrition in Borno

    Executive Directors of the African Development Bank (AfDB) have approved a US $1 million grant as emergency assistance to support the fight against malnutrition in Borno State.

    A statement from the AfDB said the Nigerian Minister of Health had declared a nutrition emergency in Borno State.

    In addition to that, the West and Central Africa Regional Food Security and Nutrition Working Group called on the entire international community to respond in order to prevent the situation from deteriorating further.

    The AfDB intervention will […]

  • AfDB gives $600m to support Nigeria’s budget

    AfDB gives $600m to support Nigeria’s budget

    According to reports, the African Development Bank’s board has approved a $600 million loan for Nigeria on Wednesday aimed at helping the nation to address its budget deficit, a senior bank official said.

    The loan is the first tranche of a total $1 billion budget support package. The second disbursement of $400 million is dependent upon the implementation of reforms, the bank’s Nigeria country director, Ousmane Dore, said.

    Dore said one of the main triggers for the release of the remaining tranche […]

  • Lagos signs agreement for women entrepreneurs to access $300m AfDB fund

    Lagos signs agreement for women entrepreneurs to access $300m AfDB fund

    It was gathered that the Lagos State Government says it has signed a partnership agreement with an NGO, the African Women Innovation and Entrepreneurship Forum, to access the $300 million African Development Bank Affirmative Finance Action for Women in Africa.

    According to the Commissioner for Economic Planning and Budget, Akinyemi Ashade, the government will nominate qualified candidates from among the over two million businesswomen in the state to access the fund.

    Ashade, who spoke shortly after signing the agreement in Ikeja on […]

  • AfDB offers Nigeria $4.1b loan

    AfDB offers Nigeria $4.1b loan

    It was gathered that the President of African Development Bank, Dr. Akinwumi Adesina, says the bank has a portfolio of $4.1 billion to support Nigeria’s new lending operations from 2016 to 2017.

    Adesina said this while addressing newsmen on Monday in Abuja.

    He said the bank had a meeting with Vice President Yemi Osinbajo, the Economic Management Team as well as other cabinet members to discuss the challenges facing Nigeria.

    He said diversification was not a problem in the country, adding that the […]

  • AfDB approves $1bn loan for Nigeria

    AfDB approves $1bn loan for Nigeria

    The African Development Bank (AfDB) has approved $1 billion loan towards meeting the deficits in Nigeria’s 2016 Budget, believed to partly responsible for the country’s economic crisis.

    The loan is provided at 1.2 percent interest rate.

    AfDB President, Dr. Akinwunmi Adesina, disclosed these to State House correspondents on Monday after meeting with Vice President and other members of the Economic Management Team (EMT) at the Presidential Villa, Abuja.

    Stressing that Nigeria is the largest shareholder of the bank, Akinwunmi said the bank is […]