{"id":119514,"date":"2024-05-24T17:16:44","date_gmt":"2024-05-24T16:16:44","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/afdb-announces-1-44bn-investment-in-nigeria"},"modified":"2024-05-24T20:12:23","modified_gmt":"2024-05-24T19:12:23","slug":"afdb-announces-1-44bn-investment-in-nigeria","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/afdb-announces-1-44bn-investment-in-nigeria","title":{"rendered":"AfDB announces $1.44bn investment in Nigeria"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The African Development Bank, AfDB has announced an investment of $1.44 billion to facilitate the development of energy, power, transport, water, and sanitation infrastructure in Nigeria.<\/p>\n

The financial institution\u2019s President, Akinwunmi Adeshina, disclosed this in a recent statement at the Nasarawa Investment Summit 2024.<\/p>\n

Adeshina, represented by Lamin Barrow, the Director-General of the AfDB\u2019sAfDB\u2019s Nigeria Country Department, said Nigeria faces a huge infrastructure deficit, which inhibits its efforts to diversify its non-oil production and achieve international export competitiveness.<\/p>\n

He noted that the energy sector requires the most significant portion of this investment, amounting to $759 billion.<\/p>\n

According to him, the transport sector also demands considerable financial input, needing an estimated $575 billion to meet the required standards.<\/p>\n

Citing the 2020 National Integrated Infrastructure Master Plan, he stressed that Nigeria needs to invest an estimated $2.3 trillion in total infrastructure between 2020 and 2043.<\/p>\n

\u201cTo address this problem, the African Development Bank supports the federal and state governments to improve the national and state infrastructure. As of April 2024, 31 per cent of the Bank\u2019s active portfolio, valued at $1.44 billion, supports infrastructure development in Nigeria.\u201d<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The African Development Bank, AfDB has announced an investment of $1.44 billion to facilitate the development of energy, power, transport, water, and sanitation infrastructure in Nigeria. The financial institution\u2019s President, Akinwunmi Adeshina, disclosed this in a recent statement at the Nasarawa Investment Summit 2024. Adeshina, represented by Lamin Barrow, the Director-General of […]<\/p>\n","protected":false},"author":84,"featured_media":119513,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[706,1570,2140,254],"class_list":["post-119514","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-afdb","tag-africa-press","tag-africa-press-nigeria-2","tag-nigeria"],"yoast_head":"\nAfDB announces $1.44bn investment in Nigeria - Nigeria<\/title>\n<meta name=\"description\" content=\"The African Development Bank, AfDB has announced an investment of $1.44 billion to facilitate the development of energy, ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/afdb-announces-1-44bn-investment-in-nigeria\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AfDB announces $1.44bn investment in Nigeria\" \/>\n<meta property=\"og:description\" content=\"The African Development Bank, AfDB has announced an investment of $1.44 billion to facilitate the development of energy, ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/afdb-announces-1-44bn-investment-in-nigeria\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-24T16:16:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-24T19:12:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/05\/sm_1716561320.575985.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/afdb-announces-1-44bn-investment-in-nigeria#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/afdb-announces-1-44bn-investment-in-nigeria\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"AfDB announces $1.44bn investment in Nigeria\",\"datePublished\":\"2024-05-24T16:16:44+00:00\",\"dateModified\":\"2024-05-24T19:12:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/afdb-announces-1-44bn-investment-in-nigeria\"},\"wordCount\":196,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/afdb-announces-1-44bn-investment-in-nigeria#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/05\/sm_1716561320.575985.jpg\",\"keywords\":[\"AfDB\",\"Africa Press\",\"Africa Press-Nigeria\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/afdb-announces-1-44bn-investment-in-nigeria#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/afdb-announces-1-44bn-investment-in-nigeria\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/afdb-announces-1-44bn-investment-in-nigeria\",\"name\":\"AfDB announces $1.44bn investment in Nigeria - 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