The Director-General of Nigeria’s Country Department at the African Development Bank, Mr. Lamin Barrow, announced that the bank’s portfolio investments in Nigeria are among the largest among its Regional Member Countries. The total commitment value of these investments is $4.4 billion.
This portfolio represents a significant reduction from the $5 billion worth of investments in 63 operations recorded in 2022. The bank’s commitment to promoting investments in Nigeria is evident through the distribution of the 48 separate fundings, which are fairly evenly split between public and private sector operations in the country.
Barrow also highlighted the decrease in flagged operations, which went from 36 percent in January 2023 to 32 percent in September 2023. He emphasized the importance of diligent monitoring of procurement plans and implementation processes to achieve 100 percent compliance.
The African Development Bank has been actively involved in supporting development projects and initiatives in Nigeria, contributing to the country’s economic growth and development.