Tag: AfDB

FG secures $1.1bn AfDB loan to power 5m Africans by 2026

Aminu Imam
FG secures AfDB loan

The Federal Government has secured a $1.1 billion loan, (approximately ₦1.71trillion) from the African Development Bank (AfDB) for the provision of electricity for 5 million Africans by the end of 2026. According to President Bola Tinubu’s Special Adviser to the President, (Information & Strategy), the President made this known in a speech presented by Minister of Power, Adebayo Adelabu, at the just-concluded two-day ‘Mission 300 Africa Energy Summit’, which was held in Dar-es-Salaam, Tanzania. Tinubu also stated that the AfDB’s $200 million in the Nigeria Electrification Project will provide electricity…

Read More

Nigeria’s oil-dependence straining economic growth, widening inequalities’ – AfDB

Aminu Imam
The Nigerian National Petroleum Corporation has said it would resume oil search in the Chad Basin

Senior Special Adviser to the president of African Development Bank (AfDB), Oyebanji Oyelaran-Oyeyinka, has raised concerns that Nigeria’s continued dependence on oil revenues will make it vulnerable to economic shocks, exacerbating poverty and widening inequalities. Speaking at the honorary symposium held in Lagos to celebrate the 70th birthday of Gboyega Fatimilehin, the co-founder of Diya, Fatimilehin & Co, Oyelaran-Oyeyinka said oil dependence has encouraged overconsumption during peak oil prices periods which has stunted the country’s economic growth. While delivering his lecture, titled “The Paradox of a Rich Country and its…

Read More

World Bank blacklists 18 Nigerian firms, individuals for corruption

Aminu Imam

A list of debarred individuals and firms was presented in a new annual report, titled: ‘World Bank Group Sanctions System FY21‘. The debarments were made by the World Bank Sanctions Board, World Bank Chief Suspension and Debarment Officer and the African Development Bank, (AfDB). The debarments made by AfDB were recognised by World Bank, making the affected firms to be barred under the cross-debarment policy. Based on the World Bank Sanctions Board’s decision, Mr. Elie Abou Ghazaleh and Mr. Fadi Abou Ghazaleh, alongside their firm, Abou Ghazaleh Contracting Nigeria Limited,…

Read More

COVID-19: AfDB’s postpones Annual Forum to 2021

Abdul-Azeez Ahmed Kadir

The Board of Directors of the African Development Bank (AfDB) Group and the Africa Investment Forum (AIF) founding partners have approved the postponement of the 2020 AIF to 2021. According to a statement from the AfDB on Wednesday, the postponement is due to the ongoing COVID-19 pandemic. The annual three-day investment marketplace was initially scheduled for November 2020 in Johannesburg, South Africa. The decision followed an evaluation of the impact and evolution of the COVID-19 global pandemic. The decision also considered the attendant risk of a possible second wave and its…

Read More