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We are financing over $5bn worth projects in Nigeria -AFDB

Over five billion dollars worth of projects are currently being financed in Nigeria by the African Development Bank (AFDB).

The Director-General, Nigeria Country Department, AFDB, Lamine Barrow said this in Abuja at a workshop to review its Country Portfolio Performance.

Mr Barrow said since 2019, the operating environment has witnessed significant changes, with the outbreak of the COVID-19 pandemic presenting new challenges besides the immediate health and socio-economic impacts.

Despite this, he said, the pace of project implementation picked up in 2021 as evidenced in the cumulative disbursement rate, which increased from 57% in 2019 to 66% in 2021.

Mr. Despite the progress made in the past year, there was a need to move fast in ensuring that the new projects reach the implementation stage at a faster pace, Mr Barrow stressed.

The Director, International Economic Relations Department in the Federal Ministry of Finance, Hajya Aisha Omar said the AFDB has demonstrated its unwavering support in Nigeria’s times of difficulty by mobilising resources for investment in the country.

Hajya Omar said the Ministry was adopting a rigorous tracking and monitoring of all donor interventions across the country to get value for the funds.

According to her, the Federal Ministry of Finance, Budget, and National Planning is committed to its coordination responsibilities and support to the Project Implementing Units for enhanced delivery and development impact.

The AFDB’s Country Portfolio Performance Review is a periodic exercise meant to take stock of projects financed by the Bank and recommend means of enhancing efficiency.

Reporting by Biodun Dare; Editing by Daniel Adejo and Tony Okerafor