15 January 2018

Nigeria Is AfDB's Largest Shareholder With $6bn

Nigeria is African Development Bank's (AfDB) largest shareholder with a portfolio of approximately $6 billion and country operations accounting for 13 per cent of the bank's total portfolio. This position is based on a statement from the bank yesterday.

To consolidate this leadership position, Nigeria's AfDB office in Abuja will be commissioned on Thursday. President Muhammadu Buhari is expected to commission the new office complex.

"The state-of-the-art Nigeria Country Department (RDNG) office complex, situated in the Central Business District of Abuja, the country's capital, is the first permanent structure to be designed and constructed in any regional member country of the bank" the statement said.

"Following the board of directors' approval of the "Rent or Acquire Premises for Field Offices" policy and the recommendation to construct a new office in Nigeria, construction work started in January 2016, and lasted 16 months. The 220-staff capacity four-storey building will now become a model for replication in other countries" it stated.

"The bank has positioned itself as the preferred lending partner in Nigeria as it continues to support Nigeria's long term aspiration to be among the top 20 economies in the world by the year 2020," said Ebrima Faal, Senior Director, Nigeria Country Department of the AfDB.

"The bank remains grateful to the Federal Government of Nigeria for the land provided and the continuous show of solidarity to the bank. The existence of this structure is a reaffirmation of African Development Bank's commitment to support Nigeria to achieve its development reforms," said Akinwumi Adesina, President of the African Development Bank.

"The bank is highly committed to working with the private and public sectors to implement the High 5s agenda and meet the Sustainable Development Goals' (SDGs) targets in Nigeria and across the continent," he said.

The African Development Bank Group was established on September 10, 1964, and it commenced operations in Nigeria in 1971.

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