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Business News of Monday, 22 November 2021


AfDB to spend $563m in states across Nigeria

African Development Bank (AfDB) African Development Bank (AfDB)

African Development Bank (AfDB) is to spend a total of $563m in states across Nigeria, the President of the Bank, Dr Akinwumi Adesina, has announced. 

Adesina stated that the amount, which is part of the bank’s programme for Special Agricultural Industrial Processing Zones,  would focus on the development of rural roads, transportation, infrastructure, water supply, sanitation and agricultural productivity.

Speaking during a condolence visit to the Governor of Kano State, Dr. Abdullahi Umar Ganduje, over the death of the Mr Sani Dangote, he explained that Kano would get a total of $110 million out of the  earmarked amount.

His words : “We are using $110million in Kano for our programme on Special Agricultural Industrial Processing Zone. We are, in all, having about $563 million that will be dedicated to that project in various states of Nigeria.”

Adesina said that the programme would help develop consolidated infrastructure in rural areas and allow the private sector food and agribusiness companies to reduce the amount of losses they incur.

He added that it would create more competitive value chains, transform the rural areas from the zones of misery to zones of economic prosperity and increase the amount of resources available to the states.”

In his response, Ganduje thanked the AfDB President for the development programme and assured him of the cooperation of his administration. 

He said “This is what we mean by genuine development,  when institutions are strengthened and individuals or collection of individuals are rightly directed.”