The African Development Bank (AfDB) has committed $1.44 billion to support the development of energy, power, transport, water, and sanitation infrastructure in Nigeria. This significant investment was announced by the Director General of the Bank’s Nigeria Country Department, Lamin Barrow, at the Nasarawa Investment Summit 2024, held from May 15-16 in Lafia, the capital of Nasarawa State. The summit attracted a diverse audience, including local and foreign investors, private sector representatives, and senior government officials.
Speaking on the the summit’s relevance amidst global economic turbulence, Barrow emphasized that both Nasarawa State and Nigeria face a substantial infrastructure deficit. This gap is hindering efforts to diversify the economy beyond oil and achieve international competitiveness in exports.
According to Nigeria’s 2020 National Integrated Infrastructure Master Plan, the country requires a total infrastructure investment of $2.3 trillion between 2020 and 2043 to elevate its infrastructure stock to the international benchmark of 70% of GDP. The energy sector alone needs $759 billion, while the transport sector requires $575 billion.
“To address this problem, the African Development Bank is supporting the federal and state governments to improve national and state infrastructure. As of April 2024, 31 percent of the Bank’s active portfolio, valued at $1.44 billion, is dedicated to infrastructure development in Nigeria,” Barrow stated in his speech on behalf of the AfDB President, Dr. Akinwumi Adesina.
Barrow outlined a strategic path for industrial growth, stressing the need for Nigeria to accelerate domestic resource mobilization, boost agricultural productivity, develop value chains and supportive infrastructure, enhance investment de-risking, prioritize value addition to natural resources, strengthen institutional capacity, and bridge the skills gap to improve youth employability.
“Nasarawa is known for its significant potential in agriculture, particularly its organized commodity aggregation system, which ensures marketability and traceability of produce. It is reassuring to see that Nasarawa is prioritizing the development of agricultural value chains for key commodities such as sesame, rice, and ginger,” Barrow added.
Dr. Doris Nkiruka Uzoka-Anite, the Minister of Industry, Trade, and Investment, representing President Bola Ahmed Tinubu, inaugurated the summit. She praised Nasarawa State for its progress in the mining sector. “Nasarawa State has shown great vision in ensuring that their vast lithium deposits are developed and processed locally, preventing the export of raw materials without any value addition, in line with the renewed hope agenda,” she said.
In his welcome remarks, Nasarawa State Governor Abdullahi Sule expressed gratitude to the African Development Bank for its ongoing support for the state’s industrial and sustainable economic development.
The African Development Bank’s contributions to Nasarawa include financing the Keffi and Akwanga water supply schemes. These projects encompass intake works, pumping stations, a 62,850 m³/day treatment plant, 19.9 km of transmission pipes, 42 km of distribution pipes, service reservoirs, drainage systems, and associated buildings.
