AfDB to invest in Nigeria’s infrastructure

BY MICHAEL EBOH
LAGOS—The African Development Bank, yesterday, said it has adopted a strategy to invest in critical infrastructure and support the deepening of a sound policy environment in Nigeria.

According to a statement announcing its forthcoming policy dialogue on ‘Infrastructure and Structural Transformation in Nigeria,’ the AfDB said this is in response to the Transformation Agenda of the Federal Government, hinged on the need for more inclusive growth.

“Nigeria is one of Africa’s largest economies; however, the country continues to face challenges in using this growth to ensure substantial reductions in poverty and social inequality.

“Nigeria has enjoyed a growth rate of some seven per cent over five years due to improved economic performance and sustained policy improvements,” the AfDB said.

Continuing, the AfDB said the forum, scheduled to hold in Abuja, will examine ways in which Nigeria could accelerate the reduction of poverty and social inequality.

It added that issues to be discussed at the roundtable will include Nigeria’s ‘Integrated Infrastructure Master Plan’ and the ‘Infrastructure Action Plan for Nigeria’ as well as ‘Structural Transformation and Inclusive Growth’ in Nigeria.

The AfDB statement noted, “The meeting is jointly organized by the AfDB, Nigeria’s Ministry of Finance, and the country’s National Planning Commission.

“The dialogue will focus on the challenges and opportunities faced by Nigeria, while bringing in experiences and lessons from other countries."