AFDB’s investments in Nigeria hit $4.4bn – DG

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The Director-General, Nigeria’s Country Department, African Development Bank, Mr Lamin Barrow, on Friday, said the bank’s portfolio investments in Nigeria is one of the largest among the Regional Member Countries, with a total commitment value of $ 4.4bn.

He stated this at the 2023 Country Portfolio Performance Review Workshop in Abuja.

This performance, however, is a reduction from the $5bn worth of portfolio in 63 operations recorded in 2022.

Barrow, reiterating the bank’s commitment to promote investments in the country, said 48 separate fundings were evenly distributed between public and private sector operations in the country.

He said, “Currently, the bank’s portfolio in Nigeria is one of the largest among the Regional Member Countries, with a total commitment value of $ 4.4bn. These comprised of 48 operations fairly evenly distributed between public and private sector operations.”Barrow further noted that the rate of flagged operations had decreased from 36 per cent in January 2023 to 32 per cent in September 2023.

According to him, diligent monitoring of the procurement plans and implementation processes would help the bank achieve 100 per cent compliance.

He said, “We are pleased that the share of start-up delays has been reduced from 32 per cent of flagged operations in June 2023 to 28 per cent in October 2023, and is expected to reach eight per cent by end 2023 with timely and targeted actions for some projects.

“Some of our portfolio performance metrics have also improved. In particular, operations flagged for implementation challenges decreased from 36 per cent in January 2023 to 32 per cent in September 2023.”

Source: The Punch

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