Finance Minister Olawale Edun announced the Federal Executive Council’s (FEC) approval of a $1 billion concessional loan from the African Development Bank (AfDB) aimed at bolstering the budget and enhancing foreign exchange reserves. Edun revealed the loan details, citing a 4.2% interest rate over 25 years with an eight-year moratorium, following a cabinet meeting in Read More…
In a landmark development, the African Development Bank (AfDB) Group unveiled its inaugural report titled “Benchmark Macroeconomic Models for Effective Policy Management in Africa.” Prof. Kevin Urama, the Chief Economist and Vice-President of Economic Governance and Knowledge Management at AfDB, introduced the report during the African Economic Conference (AEC) held in Addis Ababa, Ethiopia. According Read More…
Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), announced that the Abidjan-Lagos highway corridor has attracted investment interest amounting to $15.5 billion. Adesina made this announcement during the 2023 Africa Investment Forum (AIF) Market Days in Marrakech, Morocco, themed “Unlocking Africa’s Value Chains.” Adesina emphasised the transformative potential of the corridor, stating that Read More…
Don’t give up on the rural areas as Nigeria’s food basket yet. Help is on the way. That is the message of the recent launch of the Special Agro-Processing Zone initiative led by the African Development Bank, AfDB. For too long, we have come to accept the notion of rural areas being centres of poverty Read More…
The African Development Bank President (AfDB), Dr. Akinwumi Adesina, has described the $19.5 billion Dangote oil refinery and petrochemical plant projects as a “game-changing initiative” that will spur Africa’s development and deepen regional integration, while on a tour on Saturday of the partially bank-funded project. The complex will create 38,000 jobs during construction. According to Read More…
Says even if Africa triples gas consumption, only 0.67% of global gas will be emitted African Development Bank President Akinwumi Adesina said on Thursday that gas remained critical for African economies despite the global push to end investments in fossil fuels as the world transitions to cleaner fuels. Speaking from the side-lines at the COP26 Read More…
The African Development Bank (AfDB) has announced that it has reached financial close on financing agreements for a $20 million concessional investment from the Sustainable Energy Fund for Africa (SEFA) for the Covid-19 Off-Grid Recovery Platform (CRP). In a statement it released on Saturday, AfDB said the 5-year, $50 million blended finance initiative is designed Read More…
The African Development Bank’s Fashionomics Africa initiative is launching a competition to support designers of sustainable and circular fashion. The first Fashionomics Africa online contest will invite African fashion brands pursuing environmentally friendly measures, sustainability and circular economy actions to participate. The designer submitting the “best sustainable design” will win US$2,000 and other prizes. A Read More…
The Federal Government has congratulated Dr Akinwumi Adesina, President of African Development Bank (AfDB) Group on his re-election as the eighth president of the bank for a second term. The congratulatory message was delivered by Mrs Zainab Ahmed, Governor of Nigeria to AfDB, and Minister of Finance, Budget and National Planning on Tuesday. Ahmed said Read More…
The President of African Development Bank (AfDB), Dr Akinwumi Adesina says 141 million people have benefitted from improved agricultural technologies to enhance food security in the last five years he assumed office. Adesina made this known during the opening of the bank’s Annual General Meeting (AGM) held virtually on Wednesday. He said about 18 million Read More…
