Abuja, Oct.28, 2023 – The African Development Bank’s loan commitment in Nigeria stands at $4.4 billion.
Lamin Barrow, the AfDB Country Director in Nigeria, said this at a meeting of the bank with officials of the Federal Ministry of Finance in Abuja.
He said the loan commitment in Nigeria was the highest in Africa.
Barrow commended Nigeria on its recent reforms on the petroleum sector and foreign exchange market.
“Currently, the Bank’s portfolio in Nigeria is one of the largest among the Regional Member Countries (RMCs), with a total commitment value of US$ 4.4 billion.
“These are comprised of 48 operations fairly evenly distributed between public and private sector operations.
“The presentations will provide more information on the profile and quality of the portfolio,” he said.
On the Ekiti Knowledge Zone project, Barrow commended Nigeria for improved rate of submission of procurement plans which had increased from 72% to 82% and FEC’s approval of the project. (GBN)
