• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      CBN says cryptocurrency ban in interest of Nigerians

      13 hrs

      Companies-in-Action

      Zenith Bank in strong operational performance as profit rises 10.4% to N230.56bn in FY20

      13 hrs

      Companies

      United Capital posts strong numbers as earnings rise 50% to N12.87bn in 2020

      February 23, 2021

      Finance

      CIBN revives mentorship initiative for bank workers

      February 20, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Insurance Business

      Enterprise risk management surges amid pandemic, RIMS reports

      12 hrs

      WORLD BUSINESS & ECONOMY

      Hyundai to recall 82,000 electric cars over battery malfunction

      13 hrs

      Frontpage

      Global health insurance premiums fall amid pandemic, says new report

      February 24, 2021

      Frontpage

      Insurance M&A record highest growth in Africa, Middle East in 2020

      February 23, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Oil and Gas

      REA delivers 100kW hybrid solar mini grid to Edo community

      < 1 min

      Oil and Gas

      OPL 310: LEKOIL engages Optimum Petroleum over CRSA agreement

      6 hrs

      Frontpage

      Nigeria still losing 200,000bpd crude daily as NNPC enlists army’s intervention

      12 hrs

      Frontpage

      Nigeria to sell 170MW electricity capacity to Togo from Calabar plant

      February 24, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      Coronation MB analysts project sharp rates rise after Nigeria recession exit

      12 hrs

      Analyst Insight

      How NITDA can further foster data protection compliance in Nigeria

      February 22, 2021

      Analyst Insight

      Do we need more start-ups in insurance?

      February 16, 2021

      Analyst Insight

      Naira, PMI’s and Inflation in focus

      February 16, 2021

Currency Finance

AfDB Invests $258m On Rehabilitation Of Damaged Infrastructural Facilities In N/East ― Adesina

April 24, 20191.3K views0 comments

THE African Development Bank (AfDB) has so far invested $258 million towards the rehabilitation of damaged infrastructural facilities in the Northeast region of the country.
Akinwunmi Adesina, the President of AfDB,  disclosed this when at the end of a visit to president Moahammadu Buhari in Abuja.
He said the affected areas of the intervention included health, education, sanitation and water were damaged or destroyed as a result of the destructive activities of the insurgents in the region.
“We have also invested heavily in the northeast of Nigeria. We have put in almost 258 million dollars to support the rehabilitation both in terms of health, education, sanitation and water as a way of reviving areas that have been battered,’’ he said.
Adesina, who had earlier met behind closed doors with President Buhari at the Aso Villa, Abuja, said the bank had also invested heavily in mobilising financing for the country.
He revealed that the African Investment Forum which was organised by the bank in 2018, had succeeded in mobilising about 38.7 billion dollars of investments to Africa, adding that about 7.1 billion dollars of the amount would be invested in Nigeria.
Adesina, who commended President Buhari for his support to the AfDA, pledged that the bank would continue to support Nigeria in her efforts towards boosting power supply in the country.
“We are in the period of a general capital increase for the bank and with that support, we believe you will see a different Africa completely under this new general capital increase of the bank.
“One of the things that we said was that Nigeria’s contribution under the last general capital increase of the bank was 360 million dollars but we lend to Nigeria 4.5 billion dollars, almost 15.5 per cent.
“Every dollar that Nigeria gives to the bank, we lend 15 dollars in return, so it’s a great investment.
“I assured Mr President that under the new general capital increase of the bank, we are talking to our investors about this, so if we get enough money, hundreds of people will be connected to electricity,’’ he stated.
On new strategy Nigeria needs to adapt to get power sector right, Adesina said “the country needs to get the tariff structure because if you don’t have good cost-reflective tariff structure, investments from private sector become very difficult in the energy sector.’’
The AfDA president also stressed the need to address the liquidity constraints in the power sector.
“We in the bank have invested over 400 million dollars in the transmission company of Nigeria to support it.
“But at the end of the day, it’s to diversify the energy sector that we have.
“We have gas here, we should use a lot of those gas; we also have hydro and solar. The African Development Bank is investing heavily right now in the north, in the Jigawa area in solar projects.
“So, God is good to Africa and He gave us a tremendous amount of sunshine, water, everything is good for Africa, all we need to do is take a cable and connect to the sun and we will be fine.
“So, we just have to optimise the renewable energy potential that we have,’’ he added.

Read Also:

  • Insurance M&A record highest growth in Africa, Middle East in 2020
Share on Facebook Tweet Email
PreviousDoctorcare247 launches telehealth platform to deliver convenient healthcare services
NextNasdaq hits record, S&P nears all-time high on upbeat earnings

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • Nigeria bourse in red as selloffs in banking, consumer goods stocks see bears return  
  • African Alliance paid N967m in claims in first 40 days of 2021, MD reveals
  • REA delivers 100kW hybrid solar mini grid to Edo community
  • Unilever Nigeria to complete tea business separation by end of 2021
  • Nigeria records 6% drop in vessel traffic

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

Teleology Holdings gets deadline to pay $450m to takeover Nigeria’s 9mobile

Frontpage April 11, 2018

1
2

Nigeria bans access to foreign exchange for foods, fertilizer importers

Agriculture September 11, 2020

3

Portfolio investments in Nigeria increased more than tenfold in Q1 2018 as FDI remained subdued

Frontpage July 4, 2018

4

Oil surges after attack on Saudi oil facilities shuts in 5% of global supply

Frontpage September 16, 2019

5

New CBN directive requires banks to close all Naira accounts of IMTOs, conduct proper audit

Frontpage December 19, 2020

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.