African Development Bank approves new five-year strategy for Nigeria amidst COVID-19 concerns

BY: Graphic.com.gh
Akinwumi Adesina, AFDB president
Akinwumi Adesina, AFDB president

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.

It also incorporates emerging developmental realities and opportunities that shapes Nigeria’s political and economic landscape, including in the post-COVID-19 period.

The 2020-2024 CSP identifies supporting infrastructure development and promoting social inclusion through agribusiness and skills development as key priority areas for Nigeria.

A release issued by the bank, said the approval was made on May 27, 2020, and that the priorities were selected to leverage Nigeria’s rich endowment of natural and human resources toward transforming the lives of its people.

The Senior Director for the African Development Bank in Nigeria, Ebrima Faal who re-affirmed the institution’s support for Nigeria’s socio-economic advancement said: “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.”

It is in this context that the new CSP has been customised to support government efforts in confronting challenges and to foster long-term, socially inclusive development.

Financing instruments

Under the CSP, the release said 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,” it added.

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 10-Year Strategy, the high five priorities and Nigeria’s own Economic Reform and Growth Plan (ERGP), as well as the global Sustainable Development Goals (SDGs).

Know this

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 per cent) and 32 non-sovereign operations with a total commitment of $3 billion, equivalent to 57 per cent of the total portfolio.