AfDB Developmental Project Commitment To Nigeria’s Economy Hits $4.4bn

The African Development Bank has revealed that $4.4 billion has been committed to finance various developmental projects in Nigeria.

The AfDB Director-General for Nigeria Country Department, Lamin Barrow disclosed this at the 2023 Country Portfolio Performance Review (CPPR) in Abuja on Friday

He said the $4.4bn was a result of the improvement of some of the portfolio performance metrics from 2022 till date.

He said, “Since the 2022 CPPR Workshop, some of the portfolio performance metrics have improved. In particular, operations flagged for implementation challenges decreased from 36 per cent in January 2023 to 32 per cent in September 2023.

“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 8 per cent by the end of 2023 with timely and targeted actions for some projects.

“Currently, the bank’s portfolio in Nigeria is one of the largest among the Regional Member Countries (RMCs), with a total commitment value of $4.4 billion.

“These are comprised of 48 operations fairly evenly distributed between public and private sector operations.”

He added that notwithstanding the progress recorded, the bank is yet to be where it should be due to its corporate target for flagged operations.

Barrow noted that fiduciary compliance has also improved with progress observed in the submission rate of audited financial statements by the Executing and Implementing Agencies for Financial Years 2021 and 2022.

In his speech at the event, Stanley George, Director International Economic Relations Department (IERD),Federal Ministry of Finance, Budget and National Planning said that to achieve the government’s mandate and ensure adequate utilization of the borrowed funds, the ministry is instituting actions to effectively monitor and evaluate the projects in line with their performances.

While revealing approaches to be taken, George said the ministry will adopt a rigorous tracking and monitoring of all donor interventions across the country.

“It is pertinent to note that transparent and significant milestones are critical to ensure effective monitoring and evaluation of projects, enhancing accountability, efficiency, and public trust.

“Therefore, I encourage all of us, particularly the efficiency of implementing our projects and how they have impacted the development of Nigeria” he said.