Medical

AfDB projects 4.1% growth for Africa in 2018, but challenges remain

AfDB projects 4.1% growth for Africa in 2018, but challenges remain

Vice President Yemi Osinbajo who represented President Muhammadu Buhari at the event assured that the country would work closely with the AfDB to improve the living standards of Nigerians and Africans, in general.

"We think being the largest shareholder of AfDB since inception and the country with one of the largest portfolios of AfDB projects, Abuja is the natural and logical place for the bank regional hub", she added.

We will continue to be a strong and committed partner of the African Development Bank, and to lead by example.

The African Development Bank provided a much-needed lifeline at a time when it was very hard to secure budget support loans from anywhere else, as the country struggled with the 2015-2016 economic recession, the Nigerian Government has said. The AfDB was there for Nigeria when the country faced economic downturn from the recession.

"The bank's support will help the government's reform agenda, provide further fiscal space to help the most vulnerable segments of the population, and improve the quality of life and well-being of its citizens", said Abdoulaye Coulibaly, acting director of the bank's governance and public finance management coordination unit.

The African Development Bank has revised previous estimates by more than 30% in its African Economic Outlook report for this year.

Citing data from the Bank's 2018 African Economic Outlook (http://APO.af/GHTmei) launched in Abidjan, Côte d'Ivoire, on Wednesday, Adesina said infrastructure projects were among the most profitable investments any society can make as they "significantly contribute to, propel, and sustain a country's economic growth". Nigeria has been important in the growth of the institution as a major shareholder, a donor and a borrower. "The first tranche of $600 million has been fully disbursed and utilized and in my discussions with the President of the bank, we will be getting the remainder in the form of sector loans, so we are looking forward to the remaining $400 million".

"I said at the time that Nigeria was too big to fail".




Adeosun who is also AfDB member of Board of Governors said the $1 billion intervention gave the country's foreign reserves the much-needed boost, which helped stabilise the naira.

"The African Development Bank rose in support of Africa and Nigeria when it mattered most".

"With such a large infrastructure gap, and urgent needs in health, education, administrative capacity, and security, Africa has to attract private capital to accelerate the building of critical infrastructure needed to unleash its potential".

He said "The AfDB strongly supports Nigeria and always will".

" Our investment can only increase as we expect the level to reach eight billion dollars in 2019". An estimated population of more than 10 million affected people are expected to directly benefit from this project.

"The bank approved and disbursed budget support of six million dollars to Nigeria as it faceed its worst recession".

"A second is to invest in human capital, particularly in the entrepreneurial skills of youth, to facilitate the transition to higher-productivity modern sectors", the bank which is due to open its first official building in Nigeria's city capital on Thursday stated.


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