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African Development Bank provides lifeline.

Abidjan: The Nigerian Government has said the African Development Bank provided a lifeline at a time when it was very difficult to secure budget support loans from anywhere else.

The country struggled with the 2015-2016 economic recession. Speaking to a large audience of senior government officials, private sector, and development agencies as he commissioned the Bank's world-class office complex in Abuja, Nigeria's Vice-President, Yemi Osinbajo said the Bank had faithfully filled its role as a trusted advisor and an honest broker in the region and has earned its place as the voice of Africa on development issues.

He described the building as an important symbol of the special relationship between the Bank and Nigeria - a founding member and the largest shareholder of the Bank since its inception in 1964. Osinbajo, who represented President Muhammadu Buhari, observed that the Bank's High 5 development priorities, unveiled by African Development Bank President Akinwumi Adesina when he took office in 2015, is right on track - through investments in infrastructure, agriculture, education, health care, and increased access to affordable energy and water.

The Minister of Finance expressed Nigeria's profound appreciation to the Bank for "doing business slightly differently from other multilateral development banks and international financial institutions.

"The African Development Bank rose in support of Africa and Nigeria when it mattered most. His Excellency Vice-President Osinbajo made the point when he referred to the US $1-billion budget support loan for which we have drawn only $600 million," she explained.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Geographic Code:6NIGR
Date:Feb 23, 2018
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