Fidelity bank card banner Camano banner
Nigeria demands AfDB’s West Africa Regional Office in Abuja

By News Express on 19/01/2018

Views: 729

•Finance Minister Kemi Adeosun
•Finance Minister Kemi Adeosun

The Federal Government on Thursday demanded for the hosting of the West Africa Regional Office of the African Development Bank (AfDB) in the Federal Capital Territory, Abuja.

Minister of Finance and AfDB Governor-Member, Mrs. Kemi Adeosun, made this known at the commissioning of the bank’s permanent office building in Abuja by Vice President Yemi Osinbajo.

The new building is the first ever permanent office building outside the AfDB’s headquarters in Abidjan, Cote d’Ivoire. Nigeria remains the largest shareholder of the Bank since its inception.

Adeosun stated that the new office complex would strengthen Nigeria’s effort and desire for regional integration in the West African Region.

She said: “It is in this regard that I will like to put on record Nigeria’s strong desire and demand to host the regional hub of African Development Bank.

“We think being the largest shareholder of the Bank since inception, and the Country with one of the largest portfolio of its projects, Abuja - Nigeria is the natural and logical place for the bank’s regional hub.

“Through this investment, the African Development Bank has made Nigeria the first regional member-country to host the bank-owned office complex.”

The Minister urged the African Development Bank President, Dr. Akinwumi Adesina, to convey Nigeria’s request to the bank’s senior management and executive board.

She assured the Bank’s management of Nigeria’s cooperation and collaborative engagement, adding that the improved relationship had led to an all-time high portfolio level of about US$6 billion spread over 73 projects across private sectors.

The Minister commended the leadership of the Bank for providing a $1 billion budget support loan for Nigeria during the period of economic recession, out of which $600 million had been drawn.

“The signaling effect of that singular act gave the country’s foreign reserves the much needed boost which helped stabilised the Nigerian currency – the naira.

“The African Development Bank has proved to be quite dependable in the Nigeria’s ongoing economic reforms and also ticks all the right boxes of strengthening our recovery efforts,” she added.

On the issue of eradicating extreme poverty by the year 2030, Adeosun urged African countries to be more effective in fragile and conflict affected states, with the process driven by AfDB.

Earlier in his remarks, the AfDB President said the bank would continue to support Nigeria and other African countries in order to accelerate the development of infrastructure and energy in the continent.

“The bank’s portfolio in Nigeria is currently about $6 billion and we expect these investments to grow to $8 billion by the 2019,” he said.

Adesina disclosed that the bank had invested $500 million in the Development Bank of Nigeria and would also be committing the sum of $200 million in the Transmission Corporation of Nigeria.

He lauded the incumbent administration, Federal Ministry of Finance and Federal Capital Territory Administration for their support for the execution and completion of the bank’s permanent office building in Abuja.

Source News Express

Posted 19/01/2018 3:02:11 PM





You may also like...
Of Fulani killer squads, Nigeria Police and Chocolate...

China charges church $170,000 after eviction

Writing, the best way of passing on knowledge,...

Igbos not target of Boko Haram’s killing spree...

2 varsity students drown taking selfies in canoe...

I reveal my cleavages in a classy way...

Why I have not constituted a cabinet –...

Chibok celebrates return of 82 girls

Suspect dies in EFCC custody

Biafra Crisis: Nigeria needs N900bn for 3,000 new...

Catholic Bishop calls for prayers for Buhari

Armsgate: Court grants Dokpesi N200m bail


Latest News Angry man destroys cars at Nigerian High Commission in London over passport Protest as land grabbers sack Ogun villages, install traditional ruler Woman who wanted $1m fake notes defrauded N700,000 Election Tribunal: Obi raises hope of victory •Says INEC must provide server used for polls China opens door to more Nigerians, promises to facilitate visa issuance 5 feared dead, several injured as hoodlums clash during Egungun festival in Ibadan Edo Assembly: Call Obaseki to order, members-elect tell Buhari We’ve broken monopoly of WAEC, says NECO Boss Imo Assembly to begin recovery of ‘stolen’ govt property Foreign Direct Investment into Nigeria has not dropped — CBN Brain disease kills 97 Indian children, ‘heat curfew’ imposed Gov. Abiodun inaugurates committee to review Amosun’s last-minute promotion of Obas


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (494,583 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (425,561 views) Shameless Genevieve Nnaji exposes breasts in public (365,404 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (312,054 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (276,306 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (244,037 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (234,016 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (215,909 views) 10 cars more expensive than Jets (212,858 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (204,495 views) Lagos plane crash: Journalist releases victims’ names (184,561 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (183,888 views)


NNPC Financial reports February 2019

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (93) Business & Economy (4,312) Business Verdict (73) Columnists (1,051) Complaints & Requests (95) Enterprise & Opportunities (209) Entertainment (623) Features (761) Global Business Monitor (379) ICT Monitor (53) International (3,598) Interview (184) Live Commentary (30) Love Matters (162) Maggie's Blog (302) News (47,456) Opinion (1,260) Pidgin (17) Politics (11,032) Religion (1,023) Sports (2,044) Stock Watch (39) AMA & Al Jazeera Global Update






APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera