AfDB Approves New Five-Year Strategy for Nigeria Amidst COVID-19 Concerns

Proshare

Friday, June 05, 2020 / 02:04 PM / By AfDB / Header Image Credit: VOA

 

The Board of Directors of the African Development Bank has approved Nigeria's Country Strategy Paper (CSP) 2020-2024, which builds on the successes and challenges of the 2013-2019 edition, and incorporates emerging developmental realities and opportunities shaping Nigeria's political and economic landscape, including in the post-COVID-19 period.

 

The approval was made on 27 May 2020.


Proshare Nigeria Pvt. Ltd.

 

Ebrima Faal, Senior Director for the African Development Bank in Nigeria, re-affirmed the institution's support for Nigeria's socio-economic advancement. "In the implementation of the CSP, the Bank will also support Nigeria to address economic shocks associated with the COVID-19 pandemic and oil price shocks by focusing our interventions in sectors that will strengthen public health infrastructure and accelerate efforts towards economic transformation and diversification of export earnings and fiscal revenues from oil."

 

The 2020-2024 CSP identifies supporting infrastructure development and promoting social inclusion through agribusiness and skills development as key priority areas for Nigeria. These priorities have been selected to leverage Nigeria's rich endowment of natural and human resources toward transforming the lives of its people. It is in this context that the new CSP has been customized to support government efforts in confronting challenges and to foster long-term, socially inclusive development.

 

Under the CSP, the Bank will deploy a combination of sovereign and non-sovereign financing instruments to support the two priority areas, including investment and institutional support projects, evidence based analytical work in numerous economic sectors, policy dialogue and provision of advisory services. Special focus will be put on supporting the Nigerian private sector, in terms of financing and advisory services, and on Public-Private-Partnership (PPP) initiatives that enable innovative, long-term investment in energy, transport and water and sanitation.


Proshare Nigeria Pvt. Ltd.

 

The Strategy Paper is the result of participatory consultations with a range of key stakeholders, both state and non-state actors as well as bilateral and multilateral development partners. The CSP is fully aligned with the Bank's Ten-Year Strategy, the High 5 priorities and Nigeria's own Economic Reform and Growth Plan (ERGP), as well as the global Sustainable Development Goals (SDGs).

 

As of December 2019, the Bank Group's active portfolio in Nigeria comprised 61 operations, with a total commitment of about $5 billion. Of the total active operations, 29 were in the public sector, with a commitment of $2 billion (43%) and 32 non-sovereign operations with a total commitment of $3 billion, equivalent to 57% of the total portfolio.


Proshare Nigeria Pvt. Ltd.

 

Related News

  1. Safeguarding Africa's Food Security in the Age of COVID-19
  2. President Buhari to AfDB President, Adesina: I Will Stand By You
  3. Leadership of the AfDB: Concerned African Leaders Call for Caution
  4. Africa Confronts Its Destiny - AfDB Stands or Stays Cowed: Obasanjo and Ahmed Makes Case
  5. Halt Bank Dividends and Buybacks Now
  6. Dampening the Impact of Global Financial Shocks on Emerging Market Economies
  7. Making Economies More Resilient to Downturns
  8. Emerging from the Great Lockdown in Asia and Europe
  9. How Pandemics Leave the Poor Even Farther Behind
  10. Broad, Fast Action to Save Lives and Help Countries Rebuild
  11. HP, African Union Partner for Distance Learning in 55 African Countries During COVID-19
  12. State-Owned Enterprises in the Time of COVID-19
  13. Fiscal Policies for the Recovery from COVID-19
  14. Connectedness of the Dutch Economy Leads to Lower GDP Growth Forecast

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.
READ MORE:
Related News
SCROLL TO TOP