African Development Bank (AfDB) Press Release
For over four decades, the African Development Bank Group (AfDB) has been involved in Nigeria's development process. In assisting the country it has been employing a full range of sovereign and non-sovereign instruments including private public partnership (PPP). The Bank's Private Sector Department in particular has been playing active role in mobilizing other investors and leveraging third-party co-financing investments.
As AfDB unveils its 2013-2022 Ten Year Development Strategy, anchored on Africa's economic transformation, Nigeria's development agenda will continue to rank high for the Bank. Nigeria's infrastructure including power, transport and water supply will remain one of the key areas in which the AfDB and Nigeria will be collaborating for a common transformation goal.
In this regard, the Bank's Country Strategy Paper (CSP) 2013-2017and Nigeria's Vision 2020 will provide a joint framework for collaboration. The framework boldly embraces the future and will help reduce the country's development deficit at least on infrastructure side.
A number of Bank funded infrastructure projects clearly advance Nigeria's aspirations to be among the top 20 economies in the world by the year 2020. While focusing on the aspirations the two vision documents will primarily contribute to Nigeria's achievement of the Millennium Development Goals, as well as enhance the country's development sustainability.
Projects like the Lekki Toll Road, Lekki Deep sea Port, Nigeria-Benin Power Transmission, Cross River State Rural Access and Mobility projects, to name just these, are synchronized result-driven projects. They have a high dose capacity of unlocking new sources of growth for the country's structural economic transformation and inclusive growth.
AfDB's core infrastructure projects in power, transport and even in water supply have traditionally played obvious catalytic roles in the past. The ones hereby outlined will not be less effective as they are designed to align both the key pillars of the Bank's Ten Year Strategy and Nigeria's Vision 2020 goals.
Copyright © 2013 African Development Bank.