From Adanna Nnamani, Abuja
The African Development Bank (AfDB) has achieved a milestone in Nigeria, with cumulative financing approvals hitting $10.9 billion since its inception. This was announced yesterday by AfDB’s Director General for the West Africa Region, Mr. Lamin Barrow, during a session in Abuja. The Bank’s current investment portfolio in Nigeria stands at $4.9 billion.
Barrow shared these insights at AfDB’s Second Interactive Session with youths and women in the agricultural sector, part of the Bank’s 60th anniversary celebrations. He emphasised the untapped potential of young Africans, describing them as a vital source of innovation and energy crucial for revitalizing agriculture. The session aimed to address the challenges faced by youths and women in agribusiness, particularly in accessing finance.
“Over the past 60 years, the Bank has evolved into a trusted partner and the continent’s leading development financial institution. Our cooperation in Nigeria, our largest shareholder, has expanded significantly. Since beginning operations here, cumulative financing approvals have reached $10.9 billion, with our current portfolio at $4.9 billion, supporting various public and private sector projects,” Barrow said.
Marie-Laure Akin-Olugbade, Vice President for Regional Development, Integration, and Business at AfDB, outlined the Bank’s Ten-Year Strategy for 2024 to 2033. This ambitious plan envisions a prosperous, inclusive, resilient, and integrated Africa. Building on the Jobs for Youth in Africa (JfYA) Strategy launched in 2016, it aims to tackle youth unemployment and underemployment by creating 25 million jobs and equipping 50 million young people with essential skills.
“Through initiatives like ENABLE Youth, we are investing in youth, not just talking about them. The Bank has approved ENABLE Youth projects in 15 countries, totaling $490 million. These projects directly benefit 40,800 young people and have created over 64,000 jobs,” Akin-Olugbade said.
She also highlighted the challenges women entrepreneurs face in accessing finance, pointing to a $42 billion financing gap. In Nigeria, 41% of businesses are led by women, yet only 10% of commercial loans are directed to them, reflecting a broader trend across sub-Saharan Africa.
The Speaker of the House of Representatives of Nigeria, Tajudeen Abbas, lauded AfDB’s efforts in the agricultural sector and stressed the urgent need for economic diversification. Represented by his Deputy, Benjamin Kalu, Abbas remarked, “With the global shift towards sustainable energy, the future of oil is uncertain.
We must urgently invest in alternative sectors, and agriculture stands out as a critical area for development. Agriculture and technology offer immense potential for economic growth and sustainability.”
He concluded by emphasising the importance of empowering youth and women.
“By developing viable business proposals, we can make them key players in these sectors, driving economic diversification, food security, and sustainable development.
“Their active participation is not only essential for economic diversification, but also for ensuring food security and sustainable development through agriculture and technological advancements through ICT,” he stated.