The African Development Bank (AfDB) said Nigeria is one of its biggest beneficiaries among the regional member countries as its portfolio investment in the country Nigeria currently stands at $4.4 billion.
The director general, Nigeria’s Country Department of the bank, Mr Lamin Barrow, disclosed at the 2023 Country Portfolio Performance Review Workshop held in Abuja.
He said the bank funds 48 separate investments which are evenly distributed between Nigeria’s public and private sectors.
“Currently, the bank’s portfolio in Nigeria is one of the largest among the regional member countries, with a total commitment value of $4.4 billion. These comprised of 48 operations fairly evenly distributed between public and private sector operations.”
Barrow further noted that the rate of flagged operations had decreased from 36 per cent in January 2023 to 32 per cent in September 2023.
According to him, diligent monitoring of the procurement plans and implementation processes would help the bank achieve 100 per cent compliance.
“We are pleased that the share of start-up delays has been reduced from 32 per cent of flagged operations in June 2023 to 28 per cent in October 2023, and is expected to reach eight per cent by end 2023 with timely and targeted actions for some projects.
“Some of our portfolio performance metrics have also improved. In particular, operations flagged for implementation challenges decreased from 36 per cent in January 2023 to 32 per cent in September 2023.”
