According to Lamin Barrow, the director-general of the AfDB for West Africa, Nigeria has received a total of $10.9 billion in bank funding approvals.
At a workshop on Monday in Abuja, Mr. Barrow made this statement.
“The bank has developed over the past 60 years into the continent’s leading development financial institution and a reliable partner. Over the years, our partnership with Nigeria has grown, particularly with Nigeria being the largest stakeholder.
“Our portfolio currently stands at 4.9 billion dollars supporting projects in the public and private sectors, and cumulative financing approvals has reached 10.9 billion dollars since it started operations in the country,” he said.
According to Mr. Barrow, Akinwumi Adesina, the president of the African Development Bank, gave priority to the High 5—power, feed, industrialize, integrate, and improve the standard of living for Africans—as soon as she took office eight years ago. According to him, these are the driving forces behind accomplishing the SDGs and the Agenda 2063 goals of the African Union.
He claims that nearly 400 million individuals have been influenced by the initiatives and programs that have been funded throughout this time.
AfDB Vice-President for Regional Development, Integration, and Business Delivery Complex Marie-Laure Akin-Olugbade, however, recognized agriculture as a business during her keynote address.
“We are here to reimagine Africa’s future,” Ms. Akin-Olugbade declared. A future driven by agriculture that validates the idea that it is a low-status, low-paying profession that only draws 21.5% of young people. Where women, who make up 50.8% of Africa’s population, still have to deal with structural issues like abuse, marginalization due to their gender, and unequal access to opportunities, resources, land, education, and a voice.
She asserts that growth in the agricultural sector reduces poverty two to four times more effectively than growth in other areas. According to her, the food and agriculture business in Africa is expected to reach a valuation of $1 trillion by 2030.
Ms. Akin-Olugbade emphasized the AfDB’s efforts to ensure food security while also stating that the bank was working with partners to enable private agribusinesses to set up enterprises that processed and added value to agricultural product.
She clarified that we would be able to fully realize the potential of Africa’s agriculture if we collaborated and concentrated on these revolutionary projects.
She went on to say that the AfDB is dedicated to fostering growth in order to guarantee that everyone in Africa has a bright and prosperous future in agriculture.
