AfDB says invest $700 mln in Nigeria's development bank, TCN

The African Development Bank (AfDB), the continent financial institution said it has invested $500 million in the country's newly formed Development Bank of Nigeria (DBN), while also planning to commit about $200 million in the Transmission Corporation of Nigeria (TCN).
Disclosing this in Abuja on Thursday, President of AfDB, Adewunmi Adesina said the bank's investment in Nigeria has hit $6 billion and intends to increase it to $8 billion by the end of 2019.
“The Bank’s portfolio in Nigeria is currently about $6 billion and we expect these investments to grow to $8 billion by 2019,” he said.
Adesina spoke at the commissioning of the bank's office in Abuja.
Meanwhile, Nigeria's minister of finance has demanded that the bank should locate its West Africa regional office in the country capital, Abuja to enhance its plans for the economic integration of the sub-region.
Kemi Adeosun said Nigeria as the bank's largest shareholders is the natural and logical place for the Bank’s regional hub.
“We think being the largest shareholder of the Bank since inception, and the country with one of the largest portfolio of its projects, Abuja - Nigeria is the natural and logical place for the Bank’s regional hub," Adeosun noted.
The first ever permanent office building of the bank outside its headquarters in Abidjan, Cote d’Ivoire was commissioned in Abuja on Thursday by Nigeria's Vice-president Yemi Osinbajo.
She said, “It is in this regard that I will like to put on record Nigeria’s strong desire and demand to host the regional hub of African Development Bank."
The Minister urged the African Development Bank President, Akinwumi Adesina to convey Nigeria’s request to the Bank’s senior management and executive board.
She assured the Bank management of Nigeria’s cooperation and collaborative engagement, adding that the improved relationship had led to an all-time high portfolio level of about $6 billion spread over 73 projects across private sectors.
The Minister commended the leadership of the Bank for providing a $1 billion budget support loan for Nigeria during the period of economic recession, out of which $600 million had been drawn.
“The signaling effect of that singular act gave the country’s foreign reserves the much-needed boost which helped stabilized the Nigerian currency – the naira.
“The African Development Bank has proved to be quite dependable in Nigeria’s ongoing economic reforms and also ticks all the right boxes of strengthening our recovery efforts,” she added.
President of the Bank, Adesina said the Bank would continue to support Nigeria and other African countries in order to accelerate the development of infrastructure and energy in the continent.