AfDB Interventions Pulled Nigeria Out of Recession—Adeshina

AfDB House in Abuja, Nigeria

AfDB Interventions Pulled Nigeria Out of Recession—Adeshina

President of the African Development Bank (AfDB) Akinwunmi Adeshina has said the Bank’s intervention in Nigeria was the factor that helped pull the country out of recession.

Adeshina stated this in Abuja, Nigeria today while opening the bank’s Country Office building in Abuja, promising that the Bank will increase investment in Nigeria from $6bn currently, to $8bn by 2019.

 Adeshina, who was Agriculture Minister in Nigeria till 2015, said that the Bank would continue to strongly support Nigeria, which he said is the largest shareholder of the bank. According to Dr. Adesina, the bank’s current investments is spread over 73 projects.

 He said “The AfDB strongly supports Nigerian and always will. You can tell by the level of our investments in Nigeria to the tune of $6 billion. “From our perspective, our investments can only increase as we expect the levels to reach $8 billion by 2019.

 “Permit me Mr, President to state that our marriage is stable And dependable. The Bank was there for Nigeria when the country faced economic downturn from the recession.

 “I said at the time that Nigeria was too big to fail. The AfDB is not a fair-weather partner. We were there when it mattered most- for a partner in time of need is a great partner indeed. The AfDB approved and disbursed Budget Support of $600 million to Nigeria, as it faced its worst recession in decades. Our support goes beyond money. It demonstrates our strong commitment to stabilize Africa’s largest economy.

“The crucial and timely intervention of the AfDB was what helped Nigeria to come out of the recession. The Bank will not relent in supporting Nigeria in critical areas to boost growth, diversify the economy and create jobs.

 “These include: support for youths in agriculture, SMEs, and the financial sector. We will accelerate support for infrastructure and the energy sector.

 “Our investments are structures around high five priorities. Light and Power Africa, Feed Africa, Industrialise Africa, Integrate Africa and improve the quality of lives of the people of Africa”, Adeshina said.