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Tag: AfDB

  • Why food importation policy can ruin Nigeria’s agriculture, by AfDB boss

    Why food importation policy can ruin Nigeria’s agriculture, by AfDB boss

    President of the African Development Bank Group (AfDB), Dr. Akinwumi Adesina, has warned that the Nigerian government’s plan to allow significant food importation might ruin the nation’s agricultural sector.

    The Nation reported that on July 10, the Minister for Agriculture Abubakar Kyari announced that the federal government would suspend duties, tariffs, and taxes on the importation of maize, husked brown rice, and cowpeas through the country’s land and sea borders, for 150 days.

    Adesina made the remarks while speaking to African Primates of the Anglican Church at a retreat in Abuja on the subject of “Food security and financial sustainability in Africa: The role of the Church,” according to a statement posted on the AFDB’s X account on Sunday.

    The African Development Bank president said: “Nigeria’s recently announced policy to open its borders for massive food imports, just to tackle short-term food price hikes, is depressing.” 

    He issued a warning, saying the strategy may undo all of the laborious efforts and financial contributions made by private citizens to Nigeria’s agriculture industry.

    “Nigeria cannot rely on the importation of food to stabilise prices. Nigeria should be producing more food to stabilise food prices, while creating jobs and reducing foreign exchange spending, which will further help stabilise the Naira,” he said.

    “Nigeria cannot import its way out of food insecurity,” he said, “Nigeria must not be turned into a food import-dependent nation.”

    Adesina said Nigeria “must feed itself with pride,” warning, “a nation that depends on others to feed itself, is independent only in name.”

    Read Also: SEC, AfDB build capacity on green finance

    The president of the African Development Bank noted that nearly a third of the world’s 780 million hungry people live in Africa and that agriculture is essential to both the transformation of rural areas, where more than 70% of the continent’s population resides, and the diversification of economies.

    “It is clear therefore that unless we transform agriculture, Africa cannot eliminate poverty,” he insisted.

    Africa, according to Adesina, possesses 65 percent of the world’s remaining arable land that may be used to feed 9.5 billion people by the year 2050. Thus, the future of food in the globe will depend on what Africa accomplishes with its agricultural sector.

    “Essentially, food is money. The size of the food and agriculture market in Africa will reach $1 trillion by 2030,” he said.

  • SEC, AfDB build capacity on green finance

    SEC, AfDB build capacity on green finance

    Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) and African Development Bank (AfDB) are set to host a capacity building workshop for capital markets operators on green finance.

    This strategic initiative, funded by the Capital Markets Development Trust Fund (CMDTF) administered by the AfDB, aims to fortify Nigeria’s position as Africa’s leading hub for green and sustainable finance and it is being facilitated by Climate Transition Limited.

    The workshop, scheduled for next week in Lagos, is a vital step in consolidating these gains and ensuring the Nigerian capital market meets the goal of becoming Africa’s deepest and most liquid capital market, contributing to the nation’s socio-economic development.

    Over the past decade, the Nigerian capital market has experienced substantial growth, marked by increased activities in both equity and bond markets. In alignment with global sustainability mandates, the SEC launched rules for green bonds issuance in December 2018, creating a conducive environment for green finance.

    Director-General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama said SEC remains committed to fostering a sustainable financial ecosystem in Nigeria.

    According to him, the workshop is part of the Commission’s broader strategy to integrate green finance into our capital markets and attract more sustainable investments.

    “By enhancing the capabilities of our market operators, we are not only promoting environmental stewardship but also driving long-term economic growth,” Agama said.

    Read Also: ‘AfDB is development finance institution of the year’

    He outlined that the primary objective of the workshop is to enhance the knowledge and understanding of capital market operators regarding green finance.

    He noted that by developing the necessary skills and competencies, the workshop aims to promote collaboration and networking among stakeholders; support regulatory compliance with SEC’s rules; attract more sustainable investments and integrate environmental, social, and governance (ESG) factors into investment strategies.

    He added that the workshop  would also enhance  the reputation and credibility of capital market operators and facilitate funding for innovative, environmentally friendly projects driving sustainable economic growth.

    Co-Founder and Executive Director, Climate Transition Limited, Olumide Lala, said the transition to a green economy is essential for Nigeria’s sustainable development, and green finance is a critical component of this transition.

    “This workshop will provide market operators with the tools they need to drive this change and contribute to a more resilient and sustainable economy,” Lala said.

    The event will draw delegates from various sectors of the financial ecosystem, including investors, issuers, regulators government agencies and market intermediaries among others.

    Participants in the workshop will gain several key benefits, including: Diverse Expertise: Enriched discussions and learning experiences from a diverse group of participants; Comprehensive Understanding; Insight into the entire green finance ecosystem, from regulatory frameworks to investment strategies and Networking Opportunities.

    Other benefits are fostering collaborations and partnerships with key players across various segments of the financial market; regulatory insights: direct interaction with regulators for clarity on compliance and regulatory expectations; innovative practices: exposure to emerging trends and strategies in green finance;  Insights into upcoming policy changes and opportunities to influence future green finance policies and sharing best practices and strategies to overcome barriers, contributing to the growth of Nigeria’s green finance market.

  • ‘AfDB is development finance institution of the year’

    ‘AfDB is development finance institution of the year’

    The African Development Bank (AfDB) has received the development finance institution (DFI) of the year award at the TXF GLOBAL 2024 Export, Project & Development Finance Conference.

    The bank was honoured for being at the forefront of multilateral development bank (MDB) innovation.

    AfDB was recognised for its first hybrid capital issuance made in January this year. The $750 million 10.5-year perpetual non-call hybrid capital issuance has not only established a promising benchmark but also signaled what could be the first in a new asset class of MDB hybrid offerings, in alignment with recommendations from the G20 Capital Adequacy Framework Review.

    TXF Global 2024 conference, hosted by TXF-export finance, Proximo-project finance, and Uxolo- development finance, brought together over 1,500 representatives from export credit agencies, development finance institutions, exporters, borrowers, project sponsors, state-owned enterprises (SOEs), government ministries, commercial banks, private market insurers, brokers, law firms and institutional investors.

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    Receiving the award, African Development Bank Vice-President  for Finance and Chief Financial Officer, Hassatou N’Sele said she was delighted by the recognition.

    “The bank is very keen to continue to explore financial innovations to boost its capacity to deliver on its development mandate, especially in the context of the G20 challenge to MDBs to be bigger, better and bolder,” N’Sele said.

    She said the award underlines the AfDB’s commitment to and effectiveness in promoting economic development in Africa, and the crucial role it plays in providing financing and expertise to support sustainable economic growth, reduce poverty, and improve the living conditions of Africans.

    The recognition follows the International Monetary Fund (IMF) Executive Board’s approval of the use of Special Drawing Rights (SDRs) for the acquisition of hybrid capital instruments by MDBs on June 11th, an initiative championed by the AfDB and the InterAmerican Development Bank

  • AfDB, InfraCredit seal $15m loan deal for Nigeria’s infrastructure

    AfDB, InfraCredit seal $15m loan deal for Nigeria’s infrastructure

    Hope is rising to get the needed cash to bridge Nigeria’s infrastructure gap as African Development Bank (AfDB) and InfraCredit struck a $15 million subordinated loan facility deal to strengthen InfraCredit’s capital base and attract institutional investors’ resources to help close Nigeria’s infrastructure financing gap.

    Director-General, AfDB’s Nigeria Country Department, Lamin Barrow and CEO of InfraCredit, Chinua Azubike, sealed the deal in Lagos.

    The facility will boost InfraCredit’s efforts to unlock additional long-term local currency financing through the capital markets for infrastructure projects, primarily by leveraging pools of capital from pension funds and other institutional investors in the West African country.

    Nigeria’s infrastructure gap is estimated to cost between $100 billion and $150 billion annually over the next 30 years. Dataphyte estimates it at $2.3 trillion, and Agusto & Co, and the World Bank at $3 trillion.

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    Last year, FSD Africa Investments (FSDAi), in partnership with Infrastructure Credit Guarantee Company Limited (InfraCredit), have invested £10million into a first-of-its-kind risk-sharing backstop facility, designed to unlock local currency funding for sustainable infrastructure development in Nigeria.

    FSDAi is the investing arm of FSD Africa, a UK International Development-funded regional programme operating in more than 30 countries from its Kenya base, to make finance work for Africa’s future.

    The Risk Sharing Backstop Facility (RSBF) will address the challenge of low credit enhancement by mobilising local institutional investment via bonds into viable early-stage or green-field climate-aligned infrastructure projects.

    By increasing the accessibility of finance for climate-aligned infrastructure projects, the facility will help Nigeria accelerate social and economic development, green economic transition as well as deliver on climate goals.

    InfraCredit is a specialised Nigerian credit guarantee company that mobilises long-term capital from institutional investors to support infrastructure projects, including green and climate-aligned developments.

    Barrow expressed the Bank’s satisfaction with this operation. “Our support to institutions such as InfraCredit demonstrates the importance of promoting innovative and scalable solutions to leverage pools of capital from domestic institutional investors, and position the local capital market as a viable alternative source of long-term funding to bridge the continent’s huge infrastructure deficit, “ he stated.

    In his comments, Azubike said: “We are delighted by the AfDB’s confidence in our business model, which has successfully facilitated private sector investment in impactful infrastructure projects and InfraCredit’s clean energy roadmap that has accelerated green finance for climate-aligned infrastructure, fostering SME growth, job creation, sustainable energy access, and overall economic development. Despite challenging market conditions, we have consistently demonstrated strong fundamentals, solid portfolio performance, a proven track record, and profitability. The further expansion of our capital base by this facility will bolster our ability to support access to long-term local currency domestic credit for our rapidly growing pipeline of infrastructure projects currently worth over N625 billion ($ 430 million), fostering job creation and economic growth.”

    Vice President for Private Sector, Infrastructure and Industrialization at AfDB Group, Solomon Quaynor, said the bank is pleased to boost Infracredit Nigeria with an additional credit line.

    “The African Development Bank is pleased to be providing additional capital to InfraCredit Nigeria. The success of InfraCredit has inspired the replication of its business model across the continent, a key part of our strategy for scaling up private sector financing in Africa. This is evidenced by our support for the establishment of a similar institution in Kenya covering the East Africa region,” Quaynor said.

    The partnership advances several strategic objectives under the Bank’s current country strategy for Nigeria, including stimulating local currency bond market financing across key infrastructure sectors and enhancing economic diversification and competitiveness.

    FSDAi had said InfraCredit’s current investments and project pipeline demonstrates the breadth and variety of projects this facility will support, with projects ranging from distributed renewable energy services for urban residences, to commercial and industrial renewable projects, edge-certified green housing and e-mobility infrastructure.

    The RSBF will raise funding in series, initially from FSDAi, and eventually from other funders – aiming to reach a total capital base of up to $50million.This investment therefore aligns with one of FSD Africa’s primary objectives – developing capital markets by tackling blockages in the system.

    UK Foreign Secretary, James Cleverly, had said: “This investment further demonstrates the UK’s commitment and contribution to Nigeria’s transition to clean energy and builds on decades of UK leadership in mobilising support for climate-related infrastructure challenges. Just like the successes of British International Investment (BII) and our Private Infrastructure Development Group (PIDG), I am optimistic that InfraCredit will continue to grow and mobilise even more private sector capital to invest in better, greener infrastructure.”

    Also, the Chief Investment Officer, FSD Africa Investments, FSD Africa, Anne-Marie Chidzero, had said: “FSDAi’s partnership with InfraCredit on the bridge-to-bond facility introduces a de risking financing solution to mobilise short and medium-term local institutional investment into critically needed infrastructure projects that are currently considered un-bankable without alternative credit enhancement. Moreover, as Africa’s economies struggle to mobilise capital to develop key climate mitigation and sustainable power generation projects, this facility comes as a timely and much-needed intervention for Nigeria’s infrastructure landscape.”

    Chief Executive Officer, InfraCredit, Chinua Azubike, said: I am delighted to work with FSD Africa Investments on an innovative facility which will support much needed, but underfinanced projects realise their ultimate goals and purpose.

    Smart use of catalytic capital can dramatically increase the role of private capital and local intermediaries in investing in Nigeria’s sustainable infrastructure space and help the country develop responses to the significant challenges which confront it from the deteriorating environment and ecology to an unstable energy mix and severe social inequality.

  • AfDB, GIABA inaugurate 3-year project against money laundering

    AfDB, GIABA inaugurate 3-year project against money laundering

    The African Development Bank and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) have inaugurated a three-year support project to combat money laundering and terrorism financing in their member countries.

    The project, titled “Capacity Development for Anti-Money Laundering and Countering the Financing of Terrorism in GIABA Member States in Transition,’’ will be backed by a $5mn grant from the African Development Bank Group.

    The launch ceremony, held in Dakar, Senegal, was attended by staff from the two institutions, representatives of beneficiary countries which are GIABA member countries, and Senegal’s Financial Intelligence Unit. Mohamed Cherif, African Development Bank Country Manager for Senegal and Edwin Harris, Jr., GIABA Director General, represented their institutions.

    The project will be financed through a grant from the Transition Support Facility of the African Development Bank to the tune of 3.5 million UA (about $5mn ). The project will contribute to resilience in the West African region, by improving anti-money laundering/terrorism financing regimes, and by developing the capacity of GIABA member states, with a particular focus on countries in transition.

    The grant complements the Bank Group’s strategic and operational engagements at country and regional levels. It also aligns with its policy and action plan on the Prevention of Illicit Financial Flows, as well as with the Bank’s group Strategy for Economic Governance in Africa.

    Read Also: Italy, AfDB launch $300m funds to support Africa’s growth

    Cherif commended the long-standing collaboration between GIABA and AfDB which includes training sessions for its member countries and technical assistance.

    The GIABA director in turn expressed his satisfaction about the financing, which he said, “comes at a pertinent time, to support the implementation of GIABA’s ongoing Strategic plan for 2023 – 2027 and to contribute to effective interventions on anti-money laundering and terrorism financing regimes in its member countries.”

    The African Development Bank is an observer member of GIABA, and also regularly consults this organization as a key stakeholder in the development of  Bank policies, strategies and action plans related to illicit financial flows, anti money-laundering and economic governance.

  • Italy, AfDB launch $300m funds to support Africa’s growth

    Italy, AfDB launch $300m funds to support Africa’s growth

    Italy and African Development Bank Group (AfDB) have formed a strategic alliance to launch a $300 million funding support for Africa’s economic growth.

     Prime Minister  of Italy, Ms. Giorgia Meloni, and the President of the African Development Bank Group, Dr. Akinwumi Adesina, met on the sidelines of the G7 Heads of State and Government Summit in Puglia.

    Their discussion focused on the forthcoming launch of a series of joint initiatives to support the implementation of Italy’s Mattei Plan for Africa and Rome Process on Migration and Development agenda as agreed during the Italy-Africa Summit held in Roma in January 2024.

    “Italy’s ‘Piano Mattei’ will foster economic and strategic partnerships with African nations and institutions, and the African Development Bank Group is our main strategic financial partner for its implementation. Our collaboration will sustain the development of initiatives with Africa’s public and private sectors, with additional opportunities for Italian businesses,” Meloni said.

    Adesina said the launch of the Mattei plan and the strategic partnership will deliver impactful development impacts across African countries, expand access to energy, tackle climate change, support food security, boost health services, and expand skills and jobs for the youth.

    “This will help create more economic opportunities in Africa and help stem drivers of migration,” Adesina said.

    The partnership included establishment of a multi-donor special fund to serve the Mattei Plan for Africa and the Rome Process on Migration and Development. The fund targets high impact and climate aligned investments in key strategic sectors in support of sovereign entities in Africa.

    With its multi-donor nature, it will be able to attract other international partners to combine forces and leverage funding. An initial pledge of around $130 million in highly concessional loans and grants has been announced by Italy, together with an additional commitment by the United Arab Emirates (UAE). The African Development Bank Group has committed to at least match the Fund’s contributions on each project with its own resources.

    Bilateral agreement between Italy and the African Development Bank Group encompassing a cofinancing arrangement and trust fund to finance joint projects. Italy has committed approximately $150 million in highly concessional loans and grants and the African Development Bank Group will at least match this amount.

    The objective is to pursue Italian and African Development Bank Group priorities as set out by the Mattei Plan for Africa and by the Italian Development Cooperation strategy, to foster economic and strategic partnerships with African nations and institutions by building common business opportunities and scaling up investment flows. The priority areas are energy, water, agriculture, health, education and training and infrastructure both physical and digital.

    Read Also; Conflict of interest hinders implementation of AfDB’s anti-corruption fund – Adesina

    A common platform to promote private sector investments, the Growth and Resilience platform for Africa (GRAf). The platform aims to mobilize equity capital to regional funds that would finance entrepreneurial activities to support job creation in Africa. The Italian development financial institution, Cassa Depositi e Prestiti (CDP), has indicated the intention to catalyze up to around $820 million over a five-year horizon alongside key African and international partners, with CDP and the African Development Bank Group each considering up to $200 million over the same period.

    Moreover, Italy has already committed to contributing up to $45 million to the Alliance for Green Infrastructure in Africa (AGIA), a transformative initiative promoted by the African Development Bank Group, the African Union and Africa50 aimed at mobilizing $10 billion to support investment in green infrastructure across Africa.

  • AfDB calls for reform of global financial architecture

    AfDB calls for reform of global financial architecture

    African Development Bank Group (AfDB) has called for an overhaul of the global financial architecture to transform African economies.

    In its African Economic Outlook 2024, the AfDB outlined that Africa should be given a greater voice in multilateral development banks and international financial institutions, reflecting the continent’s growing share of global gross domestic product and rich natural resources.

    President, African Development Bank (AfDB), Dr Akinwumi Adesina, said Africa needs to be given a fair chance in the global financial system.

    “Let’s be clear. By seeking to transform the global financial architecture, Africa is just asking for a fair share of access and availability of resources to build on our vast economic opportunities,” Adesina said.

    The report highlights the glaring inadequacies of the current global financial system in closing Africa’s financing gap for structural transformation, estimated at $402.2 billion annually between now and 2030.

    To rectify these disparities, the report proposes a bold agenda for reforming the global financial architecture, including five key areas of leveraging private sector financing, simplifying the global climate finance architecture, reforming multilateral development banks, streamlining debt resolution mechanisms and enhancing domestic resource mobilisation.

    The African Economic Outlook advocates for greater private sector participation to complement public investments, particularly in areas with high social returns such as climate action and human capital development.

    The report also calls for streamlining the global climate finance architecture to enhance coordination and facilitate access for African countries, which are disproportionately affected by climate change.

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    The report urges MDBs to revise their business models to provide long-term concessional financing at scale, to developing countries, bolstering their capital positions, channeling a portion of IMF’s Special Drawing Rights (SDRs) to MDBs and ensuring a healthy replenishment of the concessional windows of the African Development Bank and the World Bank—the African Development Fund and the International Development Association.

    Recognizing the slow and cumbersome nature of existing debt resolution mechanisms, the African Economic Outlook advocates for reforms to expedite debt workouts and ensure sustainable debt management, including innovative market-based solutions like “Brady bonds,” debt relief for climate purposes, and sovereign debt authority systems.

    The report emphasizes the importance of strengthening domestic revenue mobilization through improved tax policies, enhancing efficiency in government revenue collection and utilization, combatting illicit financial flows and tax avoidance, and leveraging Africa’s abundant natural resources.

    “Domestic resource mobilization is good, but so is the prudent use of such resources. Countries should therefore strengthen capacity to improve public finance management,” the report stated.

    Every year, the African Economic Outlook report provides timely evidence and analysis crucial for African policymakers, empowering them to make informed decisions.

  • AfDB approves increased capital of $117bn to support Nigeria, others

    AfDB approves increased capital of $117bn to support Nigeria, others

    The Board of Governors of the African Development Bank (AfDB) Group has approved a capital increase of $117 billion to further support Nigeria and other countries on the continent.

    AfDB President, Dr Akinwumi Adesina, said this at the closing of the 2024 Annual Meetings of the bank in Nairobi.

    “So the Board of Governors of the AfDB approved a general callable capital increase for the bank for 117 billion dollars.

    “This is a major demonstration of the faith of our shareholders’ confidence in us.

    “They have confidence in our ability to use resources well. They have confidence in our ability to mobilise more capital with what we have.  And it will give us more liquidity as a bank and enable us to do more.

    “And that means that the authorised general capital of the AfDB will increase from 201 billion dollars to 318 billion dollars,” he said.

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    According to Adesina, the resources will enable the bank to preserve its triple-A rating under any circumstance.

    He said: “As president of the bank, I am grateful to our shareholders. I am humbled by the level of confidence they have in us.

    “This is because the boat we are in has to carry Africa to the destination of its transformation. That boat cannot leave and must have all the resources it needs to get there.

    “And I think what we found today is the confidence of the bank’s shareholders to ensure there will be no delay in that boat to carry Africa to its destination for transformation.”

    The AfDB president said during the meeting with its board that the bank was charged with doing more on the private sector, corridors, infrastructure, climate change and concessional financing for countries.

    “We have been asked to support the economic structural transformation of Africa’s economy, renewable energy and women and youth, among others,

    “All of that requires a significant increase in resources. But they are mindful that we operate against different kinds of shocks.

    “We get significant resources from our countries, donor countries, that if there are shocks and they are not mitigated, it could become quite challenging for us in those kinds of situations,” he said.

    The bank president then commended the media for their partnership and for ensuring that the bank’s good works were spread throughout the continent.

  • AfDB holds annual meeting May 30

    AfDB holds annual meeting May 30

    The African Development Bank (AfDB) is set to convene on May 30, on the sidelines of its 2024 Annual Meetings with a focus on the topic “Africa and the G20 Brazilian Presidency”.

    The event which seeks to enhance coordination between African stakeholders in the Brazilian G-20 Presidency activities, will take place in Lenana Room, Kenyatta International Conference Center (KICC), Nairobi, Kenya.

    According to the AfDB website, the event will feature the Bank President, Dr. Akinwumi Adesina, the Brazilian Alternate Governor, Renata Vargas Amaral, and a representative of the Brazilian Foreign Ministry, who leads the group for the Global Alliance for Hunger and Poverty.

    Read Also: AfDB invests $1.44 b to support infrastructure

    Panelists are expected from the Inter-American Development Bank, which is leading the discussions with Multilateral Development Banks at the G20, the African Union, the World Bank, the International Fund for Agricultural Development, and the Islamic Development Bank.

    The plans of action will be agreed upon by the Participants of the African Development Bank’s participation in G-20 initiatives under the Brazilian Presidency.

    The current Brazilian Presidency of the G20 focuses on social inclusion and the fight against hunger, poverty, and inequality; clean energy transition and sustainable development in its economic, social, and environmental dimensions; and the reform of global governance institutions.

  • AfDB invests $1.44 b to support infrastructure

    AfDB invests $1.44 b to support infrastructure

    The African Development Bank (AfDB) has invested $1.44 billion to support the development of energy and power, transport, water, and sanitation infrastructure in Nigeria.

     The Bank’s Nigeria Country Department, Director General Lamin Barrow disclosed this at the Nasarawa Investment Summit 2024, held from 15 – 16 May in Lafia, the Nasarawa State capital. The event was attended by local and foreign investors, representatives of the private sector, and senior government officials.

     Acknowledging the resonance of the Summit theme against the backdrop of turbulence in the global economy, Barrow noted that Nasarawa State, and indeed Nigeria, face a huge infrastructure deficit, inhibiting the country’s efforts to diversify its non-oil production and achieve international competitiveness for exports.

     According to the 2020 National Integrated Infrastructure Master Plan, Nigeria requires, between 2020 and 2043, total infrastructure investments estimated at $2.3 trillion, to raise its infrastructure stock to the international benchmark of 70 per cent  of gross domestic product(GDP). The energy sector alone will require $759 billion, while the transport sector needs $575 billion.

     “To address this problem, the AfDB is supporting the federal and state governments to improve the national and states’ infrastructure. As of April 2024, 31 percent of the Bank’s active portfolio, valued at $1.44 billion, is supporting infrastructure development in Nigeria,” Barrow said in a speech he read on behalf of the Group’s President, Dr. Akinwumi Adesina.

    Read Also: World Bank, AfDB to connect 300m Africans to electricity

     To achieve industrial renaissance, Nasarawa State and Nigeria must accelerate domestic resource mobilization; boost agriculture sector productivity; develop value chains and supportive infrastructure; enhance de-risk investments; prioritize natural resource value addition and beneficiation; strengthen institutional capacity and bridge the skills mismatch to enhance youth employability, he said.

     “Nasarawa is known for its huge potential in agriculture, particularly its organized commodity aggregation system, which ensures the marketability and traceability of produce. It is reassuring to note that Nasarawa is prioritizing the development of agricultural value chains for key commodities such as sesame, rice, and ginger. “

     The  Minister of Industry, Trade and Investment, Dr. Doris Nkiruka Uzoka-Anite,who represented  President Bola Ahmed Tinubu, opened the summit. She said the country was proud of Nasarawa State, particularly for the positive strides it had made in the mining sector.

     “Nasarawa State has shown great vision in ensuring that their vast lithium deposits are developed and processed, ensuring that raw materials are not exported out of this country without any value addition, in line with the renewed hope agenda,” she said.

     In his welcome remarks, the Nasarawa State Governor, Abdullahi Sule, thanked the African Development Bank for its continued support for the industrial and sustainable economic development of the state.

     The African Development Bank has financed the construction of the Keffi and Akwanga water supply schemes in Nasarawa, comprising intake works, pumping stations, a 62,850 m3/d treatment plant, 19.9 km of transmission pipes and 42 km of distribution pipes, as well as service reservoirs, drainage, and buildings.