AfDB: Keep Investing In Africa’s Development, Tinubu Tells Adesina

Nigeria’s Akinwumi Adesina has been re-elected as the President of the African Development Bank (AfDB).

 

The National Leader of the All Progressives Congress (APC), Bola Tinubu, has congratulated Nigeria’s former Minister of Agriculture, Dr Akinwunmi Adesina, on his re-election as the President of African Development Bank (AfDB).

He said Adesina’s re-election for another term of five years was an affirmation of Africa’s confidence in his ability and commitment to the development of the continent.

Dr Adesina was re-elected on Thursday last week by the Board of Governors of the AfDB Group at its 2020 Annual Meetings in Abidjan, the capital of Cote D’Ivoire.

In a passionate letter forwarded to Adesina at the weekend and personally signed by him, Asiwaju Tinubu said, “By way of this letter, please accept my heartfelt congratulations over your election to serve a second five-year as President, African Development Bank at the recent 2020 Annual Meetings of the AfDB Group.

“Your unanimous re-election by the Board of Governors, coming after ill-defined attempts to block your continuance, shows that if we remain vigilant and true to the collective purpose of the economic progress of the African continent, then fairness and justice will win out in the end.”

READ ALSO: ‘We Made History,’ Adesina Thanks AfDB Governors, Others For His Re-Election

Tinubu described Adesina as a globally renowned economist who has demonstrated outstanding competence and professionalism during his first term, adding that his re-election was an affirmation of Africa’s confidence in his ability and commitment.

According to him, the AfDB president distinguished himself in his first term by driving to reshape the bank to be a more active catalyst for Africa’s development.

NASS Leadership: Why I Am Backing Buhari, APC’s Position – Tinubu
(FILE) APC National Leader, Bola Tinubu, speaks at the 11th Bola Tinubu Colloquim in Abuja on March 28, 2019. Photo: Channels TV/ Sodiq Adelakun.

 

The APC leader noted that Adesina focused on five development priorities known as the High 5s – Light Up and Power Africa, Feed Africa, Industrialise Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa.

He said, “As AfDB President for another term, I urge you to continue in like manner. Continue to invest your cognitive abilities, immense skills, and robust energy in the development of Africa.

“Given the exigencies of the present moment due to the global pandemic, you must put your knowledge and creativity into fullest use that we work towards creating more employment for the people of this continent and remove them from the grip of poverty and its attendant difficulties.

“The AfDB must be at the policy and intellectual vanguard as we seek ways to contain both the public health and economic challenges of COVID-19.

“For your re-election, we must also congratulate and applaud President Muhammadu Buhari and other present and past leaders in Africa who believed in you and worked assiduously for your success.

“This victory is not only yours, the AfDB group or Nigeria’s, it is victory for Africa itself. The continent deserves that our best and most able minds be able to serve and work for its betterment.

“I wish you an even more successful second term. May God be with you and may He help and guide you in the struggle against poverty and in our efforts to bring much-needed development to our continent and its people.

“Please rest assured of my highest regards always.”

Adesina Re-Elected As AfDB President

A file photo of President of the African Development Bank, Akinwunmi Adesina
A file photo of President of the African Development Bank, Akinwunmi Adesina

 

Akinwumi Adesina on Thursday was re-elected as President of the Africa Development Bank by its Board of Governors.

He was re-elected during the bank’s 55th Annual Meetings, which is being held virtually due to COVID-19 restrictions.

A globally-renowned development economist and a World Food Prize Laureate and Sunhak Peace Prize Laureate, Dr. Adesina has distinguished himself in driving a bold agenda to reform the bank and accelerate Africa’s development.

He was first elected as President of the AfDB on May 28, 2015.

As a newly re-elected President, Adesina will begin his new term on September 1, 2020.

The election result, which gave him a hundred percent of votes of all regional and non-regional members of the Bank, was announced by the Chairperson of the Board of Governors of the Bank, Mrs. Niale Kaba, Minister of National Planning of Côte d’Ivoire.

“I am delighted that the Board of Governors have re-elected Dr. Adesina for a second term in office as President,” Minister Niale Kaba, said.

“As shareholders, we strongly support the Bank and will give him all the necessary support to carry forward and implement his compelling vision for the Bank over the next five years.”

Adesina’s first term focused on the bold new agenda for the Bank Group based on five development priorities known as the High 5s: Light up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life for the People of Africa.

Under Adesina’s leadership, the African Development Bank’s Board of Directors approved a $10 billion facility to support African countries to address the COVID-19 pandemic.

The Bank also launched a $3 billion COVID-19 social bond on the global capital markets, the highest US dollar-denominated social bond ever in world history, which is listed on the London Stock Exchange, Luxembourg Stock Exchange and NASDAQ.

“I am deeply grateful for the collective trust, strong confidence, and support of our shareholders for electing me for a second term as President,” Adesina said. “It is yet another call for selfless service to Africa and the African Development Bank, to which I will passionately devote myself.”

The African Development Bank is Africa’s premier development finance institution, comprising 54 regional and 27 non-regional member countries.

“The future beckons us for a more developed Africa and a much stronger and resilient African Development Bank Group,” Adesina said. “We will build on the strong foundations of success in the past five years, while further strengthening the institution, for greater effectiveness and impacts.”

Adesina’s re-election was mired in controversy after he was charged with alleged ethical violations.

However, after repeated investigations, the former Nigerian Agriculture Minister was cleared of all charges levelled against him, paving the way for his re-election.

Adesina is the first Nigerian to hold the post of the bank’s President.

The AfDB, founded in 1964, is geared towards spurring “sustainable economic development and social progress” among member African countries.

Nigeria is the AfDB’s largest shareholder with 16.8 percent of rights, while Germany and the United States own 7.4 percent and 5.5 percent respectively.

AfDB Chief, Adesina Cleared Of Corruption Allegations

A file photo of President of the African Development Bank, Akinwunmi Adesina
A file photo of President of the African Development Bank, Akinwunmi Adesina

 

An independent panel of experts, headed by former Irish president Mary Robinson, has cleared the beleaguered leader of the African Bank of Development (AfDB) of corruption, according to a report obtained by AFP. 

Akinwumi Adesina, 60, a charismatic speaker known for his elegant suits and bow ties, became the first Nigerian to helm the AfDB in 2015 — but a 15-page report earlier this year claimed that under his watch the bank had been tarred by poor governance, impunity, personal enrichment and favouritism.

The panel of three experts, led by Robinson alongside Gambia’s Chief Justice Hassan Jallow and the World Bank’s integrity vice president Leonard McCarthy, cleared Adesina of all charges alleged by whistleblowers.

“The Panel concurs with the Committee in its findings in respect of all the allegations against the President and finds that they were properly considered and dismissed by the Committee,” Monday’s report concluded.

READ ALSO: Nigeria Confirms 648 Fresh COVID-19 Cases As Country Mulls Int’l Flight Resumption

The African banking institution and Adesina — who is the sole candidate for the bank’s August’s presidential elections — has been battered by the rollercoaster of allegations after the whistleblowers’ complaints were leaked to the media in April.

The former Minister of Agriculture had always stated he was “innocent” of the charges.

Robinson — who led Ireland from 1990 to 1997 before serving as the United Nations High Commissioner for Human Rights until 2002 — dismissed the 16 whistleblower allegations against Adesina.

The panel did not investigate the charges themselves, as that was not within their mandate.

The AfDB plays an important if the largely behind-the-scenes role in African economies, financing projects in agriculture, health, energy, education, transport and other development sectors.

AFP

Elumelu Urges AfDB To Stop ‘Harassing’ Adesina

A file photo of President of the African Development Bank, Akinwunmi Adesina
A file photo of President of the African Development Bank, Akinwunmi Adesina

 

Minority Leader of the House of Representatives, Ndidi Elumelu, has asked the board of the African Development Bank (AfDB) to stop harassing its President, Akinwunmi Adesina.

Adesina, a former Minister of Agriculture in Nigeria, has been accused of breaching the bank’s code of conduct ahead of his re-election in August.

After an AfDB ethics committee investigation found him innocent of the charges, the United States, the second-largest shareholder of the bank after Nigeria, asked for a retrial.

Elumelu, in a motion statement obtained by Channels Television on Tuesday, described the allegations against Adesina as “trumped-up.”

He called on the House to investigate the matter and also urged the federal government and all African leaders to intervene in the situation.

“If this sort of witch-hunt and unnecessary harassment is not put to check and discouraged, it may become a recurring decimal thereby destabilizing the stability the bank has enjoyed for decades and the intended results on a steady decrease,” he said.

On Tuesday, President Muhammadu Buhari pledged his support for Adesina as he seeks a second term in office.

Former President Olusegun Obasanjo and other African leaders have also voiced their support for the AfDB president.

Obasanjo, Jonathan And 13 Other Former African Leaders Back Akinwunmi, Call For Caution

 

Former Presidents of Nigeria,Olusegun Obasanjo and Dr Goodluck Jonathan have joined thirteen other former African leaders in throwing their weights behind the President of the African Development Bank (AfDB), following a call for private investigations into his running of AfDB.

In a press statement made available to newsmen by the media aide to Chief Obasanjo, the past leaders extolled the works of the AfDB President – Akinwunmi Adesina and called for caution with regards to the allegations leveled against him.

The elder-statesmen while affirming the effects of the ongoing COVID-19 pandemic,said the continent is facing an unprecedented challenge, stressing that at this time, all hands must be on deck to tackle the common foe.

READ ALSO: ‘I Maintain My Innocence’ AfDB Chief, Adesina Hits Back Over Graft Accusations

“The African Development Bank (AfDB), under the leadership of its President, Dr. Adesina Akinwumi, has been doing a remarkable job in steering the organization.

“The Bank announced a $10 billion crisis response facility to support countries in Africa. The Bank also successfully launched a $3 billion “Fight COVID-19 social bond, the largest ever US dollar denominated bond in world history. Powered by his vision and leadership

“The shareholders of the Bank from 80 countries all approved a general capital increase of $115 billion for the Bank, the largest in its history since establishment in 1964. The Bank has been doing a lot for women, with a $3 billion fund to provide access of finance to women, supported by G7 countries and Africa.

“Across the continent, the Bank’s presence and work have been highly visible and impactful. In less than five years, the Bank’s High 5 agenda has impacted over 333 million people, from access to electricity, food security, access to finance via the private sector, improve transport and access to water and sanitation.

“The Bank has maintained its stellar AAA rating among all global rating agencies. The shareholders of the Bank have all played very important roles in supporting the Bank to achieve these impressive results,” the leaders stated.

The former Presidents raised concerns over alleged violations of the bank’s code-of-conduct, the premise upon which the United States is calling for a fresh independent probe.

“This is why we are concerned with the recent developments at the Bank, Dr. Adesina, who some whistle-blowers alleged to have violated the Banks’ Code-of-Ethics, has firmly and consistently declared his innocence regarding these allegations.

“The Ethics Committee of the Board of Directors, a legal oversight body of the Bank, made up of representatives of shareholders, cleared Dr. Adesina of all 16 allegations, declaring them as baseless and unsubstantiated and exonerated him completely. 

“The Chairman of the Board of Governors, based on the report of the Ethics Committee, declared Dr. Adesina exonerated. We understand that the Bank fully followed its rules, procedures and governing systems, which have served it well since African countries established it in 1964. 

“Governance is all about respecting and abiding by rules, laws and established governing systems of organizations. In the case of the AfDB, while differences may exist among parties, the best way to address them is to first respect the rules, procedures and governance structures of the Bank. To do otherwise will be tantamount to undermining the Bank and its long and hard earned reputation, and that of its President.

“The African Development Bank is a pride for all of Africa, and its President, Dr. Adesina, has taken the Bank to enviable heights. At this critical time that Africa is battling with COVID-19, the Bank and its President should not be distracted. 

“Differences will always occur but we urge that all shareholders work together. All shareholders should work with mutual respect, and honour the rules and procedures of the Bank and its governance systems that have served it well for 56 years. No nation, regardless of how powerful, has a veto power over the African Development Bank, and no nation should have such power,” the past leaders’ statement partly read.

The following are the leaders who signed the letter in support of Mr Akinwunmi Adesina.

H.E Olusegun Obasanjo (President of Nigeria; 1999-2007)
H.E Boni Yayi (President of Benin; 2006-2016)
H.E Hailemariam Desalegn (Prime Minister of Ethiopia; 2012 – 2018)
H.E John Kufour (President of Ghana; 2001 – 2009)
H.E Ellen Johnson Sirleaf (President of Liberia; 2006 – 2018)
H.E Joyce Banda (President of Malawi; 2012 – 2014)
H.E Joaquim Chissano (President of Mozambique; 1986 – 2005)
H.E Tandja Mamadou (President of Niger; 1999 – 2010)
H.E Goodluck Jonathan (President of Nigeria; 2010-2015)
H.E Mohamed Marzouki (President of Tunisia; 2011 – 2014)
H.E Benjamin Mkapa (President of Tanzania; 1995 – 2005)
ENDORSED BY:
H.E Ameenah Gurib-Fakin (President of Mauritius; 2015 – 2018)
H.E Rupiah Banda (President of Zambia; 2008 – 2011)
H.E Kgalema Motlanthe (President of South Africa; 2008-2009)
H.E Jakaya Kikwete (President of Tanzania; 2005 – 2015)

Press Statement by African Leaders on Dr_ Adesina Leadership of AfDB UPDATED 29 May 2020

‘I Maintain My Innocence’ AfDB Chief, Adesina Hits Back Over Graft Accusations

File photo of Akinwunmi Adesina

 

 

The President of the African Development Bank (AfDB), Akinwumi Adesina, hit back on Wednesday at accusations of corruption and vowed to continue working.

In a press statement, Adesina slammed “unprecedented attempts by some to tarnish my reputation” and declared “I will… continue to work with each and every one of our shareholders.”

The United States is pressing for an independent probe into charges by whistleblowers — declared as unfounded by an internal inquiry — of alleged embezzlement and favouritism under Adesina, who is bidding for a second five-year term at the helm.

“I maintain my innocence with regard to trumped-up allegations that unjustly seek to impugn my honour and integrity, as well as the reputation of the African Development Bank,” Adesina said.

He cited “my heroes, Nelson Mandela and Kofi Annan, whose lives have shown that through pain we grow.”

“I am confident that fair, transparent and just processes that respect the rules, procedures and governance systems of the Bank, and rule of law, will ultimately prove that I have not violated the Code of Ethics of this extraordinary institution,” he said.

Adesina is the first Nigerian to be in charge of the AfDB, one of the world’s five largest multilateral development banks.

The former Nigerian agriculture minister is known for his bow ties and flamboyant manner, but also for a managerial style that critics say is authoritarian.

‘Blatantly False’

The bank was shaken by a string of high-level departures soon after his arrival.

The 60-year-old is the only candidate in an election which was set for late May but which has been postponed until August because of the coronavirus pandemic.

His bid has received the backing of the African Union (AU) and the Economic Community of West African States (ECOWAS).

On May 22, US Treasury Secretary Steven Mnuchin sent the bank’s board a letter expressing “deep reservations” about the outcome of an internal inquiry clearing Adesina, and urged the appointment of “an independent outside investigator of high professional standing.”

“We fear that wholesale dismissal of all allegations without appropriate investigation will tarnish the reputation of this institution as one that does not uphold high standards of ethics and governance,” he wrote.

The bank’s ethics committee had totally exonerated Adesina, saying the whistleblowers’ 15-page complaint “rested on no objective, solid facts”.

Adesina himself has previously dismissed the allegations as “spurious and unfounded” and “blatantly false.”

In October 2019, the AfDB raised $115 billion (105 billion euros) in fresh capital, an operation deemed a personal success for Adesina.

The bank has 80 state shareholders, 54 of which are African. The others are from the Americas, Asia and Europe.

The biggest shareholder is Nigeria, with nine per cent.

We Have A Major Road Project Going On In Every State – Osinbajo

A file photo of Vice President Yemi Osinbajo.

 

 

The Muhammadu Buhari administration has an ongoing major road project in all states across the country.

The Vice President, Professor Yemi Osinbajo, stated this while delivering a keynote address at a Christian gathering on Saturday in Lagos.

Outlining the contributions of the present administration in various sectors, he noted that the Federal Government’s interventions through the various reforms would yield greater results.

“Our focus in the last few years has been on investing in roads, rail, and power; we have a major road project going on in every state of the federation,” the vice president was quoted as saying in a statement by his spokesperson, Laolu Akande.

He added, “Some of the road projects scheduled for substantial completion in 2020/2021 include the dualisation of Suleja-Minna Road, Ilorin-Jebba-Mokwa/Bokani Road, Nnewi-Oduma-Mpu (in Enugu)-Uburu (Ebonyi), Yenagoa-Okaki-Kolo-Nembe-Brass Road, Bodo-Bonny Road – with a bridge across the Opobo channel, the rehabilitation and expansion of Lagos-Badagry expressway and, of course, the Lagos-Ibadan expressway.”

Professor Osinbajo revealed that 19 other road projects measuring about 800 kilometres have been prioritised in 11 states across each of the six geo-political zones.

These projects, according to him, will be done by 10 local companies who have applied to join Dangote and NLNG in the Investment Tax Credit Scheme of the government which encourages private sector investments in infrastructure.

Benefits Of The Finance Act

The vice president also spoke about the new Finance Act, saying it was the government’s fiscal response to the issues of limited revenue sources and the need to improve the business environment, especially for small and medium businesses.

“The Act has two main purposes with extremely beneficial effects on the Nigerian economy. It addresses the issue of domestic revenue mobilisation on which Nigeria has often paraded quite a low record.

“However, even while achieving this objective for the public sector, the Finance Act is calibrated to improve the ease of doing business in Nigeria and actively foster private sector growth,” he stated.

The event had in attendance the President of the African Development Bank (AfDB), Dr Akinwunmi Adesina, and the National Overseer of the Redeemed Christian Church of God (RCCG) in Nigeria, Pastor Joseph Obayemi, among others.

Pastor Obayemi delivered a welcome message while Dr Adesina commended the present administration for the achievements recorded in the agricultural sector.

The AfDB president also noted that the efforts of the Federal Government have revolutionised agriculture in the country.

‘I Support Eco Greatly’, Adesina Tips Nigeria To Adopt ECOWAS Unified Currency

 

President of the Africa development bank (AfDB), Akinwunmi Adesina, has declared support for the recently adopted ‘Eco’ unified currency for West African countries.

The Eco which will be replacing the CFA franc has been adopted by eight ECOWAS francophone countries namely Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo, with Ghana also showing serious interest.

The adoption which was declared by the West African Economic and Monetary Union (UEMOA) is expected to be introduced in 2020.

Adesina who paid a courtesy visit to President Muhammadu Buhari at the statehouse on Tuesday revealed that some criteria’s would have to be met before the region can fully be integrated.

He explained that the initiative is a great idea, owing to the African Continental Free Trade Area (AfCFTA) which will bring over $3.3 trillion in terms of trade to the region.

“I think that at the end of the day the biggest thing to happen to Africa is the African Continental Free Trade Area (AfCFTA); that free trade area itself is worth over $3.3 trillion in terms of trade.

“Obviously being able to trade in various currencies, it’s not optimum to trade in so many currencies. So it makes common sense to have a unified currency and of course for that to even been achieved – the Eco, I support Eco greatly, I think it’s a great idea to do.

“But obviously, there are a number of convergence criteria that would have to be met and I am sure that our President is talking with other presidents to be sure that they can meet those criteria and the region can be fully integrated,” he added.

READ ALSO: Nigeria Can’t Win Terrorism War Without Tackling Poverty, Illiteracy – Atiku

On the issue of pegging the Eco with the Euro in valuation, Mr Adesina stressed that the region needs to ensure well-integrated monetary and fiscal policies.

“The issue for us is going to be how to have a well-integrated monetary policy and fiscal policy within the region, which is the most important thing first, and then you figure out the rest later.

“But I am very encouraged with the progress of the Heads of State on this particular issue, and I am very confident that President Muhammadu Buhari will make even greater progress on that,” he expressed.

The AfDB boss who was recently endorsed by the ECOWAS Heads of State for a second term as President of AfDB said the bank is working towards bridging the roughly $68 billion to $108 billion infrastructure financing gap in the region.

He recommended that the $1.8trillion sovereign wealth and pension fund can be used to close very quickly the infrastructure gap talked about.

“When it comes to the issue of even trade and competitiveness, at the end of the day you have basic things that have to be done. Today Africa has an infrastructure gap of about roughly $68 billion to $108 billion infrastructure financing gap.

“When it comes to the issue of attracting capital to do that, there are three things that I will say: first, we have to also look at home. Today in Africa, the size of the sovereign wealth fund and pension fund and insurance pull of fund (mutual funds) is about $1.8trillion. If we can just tap a little bit of that, we will close very quickly the infrastructure gap that we are talking about,” he said.

UN Secretary-General To Co-Chair $50bn Fundraiser For Lake Chad

President Muhammadu Buhari shakes hands with AfDB President, Dr Akinwunmi Adesina, during a visit in Abuja on April 23, 2019. Inset: UN Secretary-General, Antonio Guterres.

 

The United Nations Secretary-General, Antonio Guterres, has accepted to co-chair a special session to raise $50 billion to fund inter-basin water transfer to revive the Lake Chad.

President of the African Development Bank (AfDB), Dr Akinwunmi Adesina, disclosed this when he visited President Muhammadu Buhari on Tuesday in Abuja.

He conveyed the response of the UN Secretary-General to President Buhari’s earlier letter during a meeting with the Nigerian leader at the Presidential Villa.

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Addressing State House correspondents after the meeting, Dr Adesina thanked President Buhari for his support, without which he said he would not have been AfDB President.

He also acknowledged the progress being made in Nigeria’s economy while listing the achievements of the bank in the country since his presidency.

The Presidency also confirmed the acceptance of Mr Guterres in a statement by the Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu.

Shehu said the President welcomed the acceptance of the UN chief, noting that such a special forum was necessary, in view of the size of capital required for the project which was unavailable to the Lake Chad Basin countries.

Addressing issues directly related to the AfDB, the President was delighted with successes recorded in the four years of Dr Adesina’s tenure at the bank.

President Buhari specifically cited the Bank’s contribution to the growth of Nigeria’s agriculture and infrastructure, and commended what he called “its critical gesture in 2016 during the difficult period of economic recession through the issuance of USD600 million budget support facility.”

He used the occasion to highlight the successes achieved by his administration through the implementation of the Economic Recovery and Growth Plan (ERGP).

The President stressed that his focus would continue to be on diversifying the economy and making it more inclusive, as well as the creation of jobs in critical sectors like the Information Communication Technology (ICT) and manufacturing.

He disclosed that a lot was being achieved in providing guaranteed off-takers for farmers, and in the provision of infrastructure that included airports, rail, roads and water ways.

President Buhari, however, said, “We still have significant work ahead in the provision of power, small scale cottage industries and promotion of the agro-industrial zones coming up in the country.”

He then asked for ADB’s continued support in this regard.

Adesina Receives 2017 World Food Prize Laureate Award

Nigeria’s former Minister of Agriculture and rural development, Akinwunmi Adesina has received the 2017 World Food Prize Award.

Adesina who is also the current President of the African Development Bank received the award at the event held on Thursday at the Iowa in the United States.

The event had in attendance representative from 50 countries in the world’s agriculture community.

READ ALSO:  World Food Prize: We’re Proud Of You, Buhari Tells Adesina

The representative of United States Vice President, Mike Pence while congratulating Adesina said leaders who are committed to fighting global hunger like Adesina are needed globally.

“Congratulations on winning the 2017 World Food Prize. Your devotion to the cause of fighting global hunger is laudable and deeply needed. As our global food system is stretched, and the need to feed more people grows, the agricultural transformation will require persistence from leaders like you.”

Two former African presidents including Nigeria’s former president Olusegun Obasanjo and other top Nigerian officials were at the event to honour Adesina.

Kim Reynolds, Governor, State of Iowa speaking on Adesina’s feat said the honour is being bestowed on Adesina for inspiring young people and promoting food security.

“Tonight, we are honouring one of the most dynamic leaders in promoting food security and inspiring young people not only in Africa but around the world,” she said.

AfDB Offers Nigeria Over Four Billion Dollar Lifeline

AfDBAs Nigeria battles with economic recession and the dire need to raise funds, particular foreign exchange, the African Development Bank (AfDB) is looking to provide over $4billion dollars between 2016 and 2017.

President of the bank and Nigeria’s former agriculture minister, Dr. Akinwumi Adesina who is on his first official visit to Nigeria in his capacity as president of the AfDB says the funds would be used to develop the power and agriculture sectors in the country.

Dr. Adesina was speaking after holding talks with President Muhammadu Buhari in Abuja, Nigeria’s federal capital.

The plan includes; $1 billion of budget support, $300 million to create jobs for 185,000 youths, $250 million towards northeast infrastructure development, and $1 million grant to deal with challenges of internally displaced persons (IDPs),

It also includes $300 million for infrastructure development around Abuja, and $200 million for Transmission Company of Nigeria (TCN) to deepen electricity facilities.

While holding talks with the Finance Minister, Mrs Kemi Adeosun, and Vice President Yemi Osinbajo, Dr Adesina had said that “deepening the level of diversification in critical sectors” such as agriculture, solid minerals and manufacturing, was of particular importance.

“I expect that our portfolio in Nigeria will not decrease – it will actually grow. We expect to invest in Nigeria, by 2019, a total of $10 billion,” said Adesina,

The Finance Minister allayed fears that the country could be over-borrowing. “What we are trying to do is to ensure that this money we are borrowing, we use it on the key infrastructure that will drive the economy,” she said.

We’ll Get Out Of Our Problems, Buhari Assures African Development Bank

Akinwumi-Adesina-Buhari-CTVPresident Muhammadu Buhari has given the assurance that Nigeria has the people and the resources to surmount her economic problems.

He gave the assurance while receiving President of the African Development Bank (ADB), Dr Akinwunmi Adesina, at State House, Abuja, on Monday.

President Buhari said: “God has given us people and resources. It will take hard work on our part, but we will make it. We will get out of our problems. We are determined to produce what we eat, and stop importation. We will also chase those who stole, and get them to refund.”

The President said the country appreciates helping hands being lent by the ADB, assuring Nigerian-born Adesina, who was the immediate past Minister of Agriculture, that “we will not let you down. Your country won’t disappoint you.”

Too Big To Fail

Adesina appreciated President Buhari for the support the country gave when he ran for ADB presidency, thus making him the first Nigerian to occupy such position since the bank was established in 1964.

He also lauded the Nigerian President for successes recorded in securing the country, particularly in the North East, noting that “there can be no development without adequate security.”

The ADB boss described recent economic decisions taken in the country as “bold, tough, uncomfortable, but right,” adding that Nigeria would reap the dividends in the short and long run.

Adesina-Buhari-Adeosun-CTV

“You can count on the ADB as a true friend of Nigeria. You should support massive investment in infrastructure, and we are here to also support. Closing the infrastructure deficit will enable growth, and create employment. Nigeria is too big to fail,” Adesina said.

Packages For Nigeria

The ADB President unfolded the packages his institution has for Nigeria, which include; $1 billion of budget support, $300 million to create jobs for 185,000 youths, $250 million towards North East infrastructure development, $1 million grant to deal with challenges of Internally Displaced Persons (IDPs), $300 million for infrastructure development around Abuja, $200 million for Transmission Company of Nigeria (TCN) to deepen facilities, among others.

Dr Adesina expressed delight with what he called “President Buhari’s push on anti-corruption, and stance on governance,” adding that building institutions was critical.

To that end, he said ADB would give a total of $4.8 million as grant for institutional support, with the Economic and Financial Crimes Commission (EFCC) getting $2 million, and $1million to Independent Corrupt Practices and Other Related Offences Commission (ICPC). “You can always count on my support, and that of the ADB,” he concluded.