African Development Bank invests $1.44 billion to support infrastructure development in Nigeria

The African Development Bank has invested $1.44 billion to support the development of energy and power, transport, water, and sanitation infrastructure in Nigeria.
The Bank’s Nigeria Country Department, Director General Lamin Barrow disclosed this at the Nasarawa Investment Summit 2024, held from 15 – 16 May in Lafia, the Nasarawa State capital. The event was attended by local and foreign investors, representatives of the private sector, and senior government officials.

Acknowledging the resonance of the Summit theme against the backdrop of turbulence in the global economy, Barrow noted that Nasarawa State, and indeed Nigeria, face a huge infrastructure deficit, inhibiting the country’s efforts to diversify its non-oil production and achieve international competitiveness for exports.

According to the 2020 National Integrated Infrastructure Master Plan, Nigeria requires, between 2020 and 2043, total infrastructure investments estimated at $2.3 trillion, to raise its infrastructure stock to the international benchmark of 70% of GDP. The energy sector alone will require $759 billion, while the transport sector needs $575 billion.

The post African Development Bank invests $1.44 billion to support infrastructure development in Nigeria appeared first on Capital Newspaper.

Leave a Comment

Your email address will not be published. Required fields are marked *