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AfDB Invests $1.44bn In Nigeria’s Infrastructure

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

This significant funding was announced by the Director General of the Bank’s Nigeria Country Department, Lamin Barrow, during the Nasarawa Investment Summit 2024, held in Lafia, the capital of Nasarawa State.

The summit, which attracted both local and foreign investors, as well as representatives from the private sector and senior government officials, provided a platform to discuss and address the infrastructure deficit that Nigeria currently faces. The lack of proper infrastructure has been hindering the country’s efforts to diversify its non-oil production and achieve international competitiveness for exports.

To put this into perspective, Nigeria’s 2020 National Integrated Infrastructure Master Plan estimates that the country requires a total investment of $2.3 trillion between 2020 and 2043 to raise its infrastructure stock to the international benchmark of 70% of GDP. Specifically, the energy sector alone requires $759 billion, while the transport sector needs $575 billion.

In response to this challenge, the African Development Bank has been actively supporting the federal and state governments in Nigeria to improve the country’s infrastructure. Currently, 31% of the Bank’s active portfolio, valued at $1.44 billion, is dedicated to infrastructure development in Nigeria.

During the summit, Barrow emphasized the importance of accelerating domestic resource mobilization, boosting productivity in the agriculture sector, developing value chains and supportive infrastructure, enhancing investment de-risking measures, prioritizing natural resource value addition and beneficiation, strengthening institutional capacity, and bridging the skills gap to enhance youth employability. These efforts are crucial for achieving industrial renaissance in Nasarawa State and Nigeria as a whole.

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Nasarawa State, known for its enormous potential in agriculture, has been prioritizing the development of agricultural value chains for key commodities such as sesame, rice, and ginger. This focus on organized commodity aggregation systems ensures the marketability and traceability of produce, contributing to the state’s economic growth.

The summit was inaugurated by Dr. Doris Nkiruka Uzoka-Anite, Minister of Industry, Trade and Investment, who represented Nigeria’s President, Bola Ahmed Tinubu. Uzoka-Anite commended Nasarawa State for its vision in developing and processing its lithium deposits, thus adding value to raw materials and aligning with the country’s renewed hope agenda.

The Governor of Nasarawa State, Abdullahi Sule, expressed his gratitude to the African Development Bank for its continued support in driving industrial and sustainable economic development in the state. Notably, the Bank has provided funding for the construction of the Keffi and Akwanga water supply schemes in Nasarawa, which include intake works, pumping stations, treatment plants, transmission and distribution pipes, as well as service reservoirs, drainage, and buildings.

Furthermore, Nasarawa State is currently being considered for participation in Phase II of the Special Agriculture Processing Zone (SAPZ) program in Nigeria, which aims to enhance agricultural productivity and value addition in designated zones.

The investment from the African Development Bank will undoubtedly contribute to Nigeria’s overall economic growth and development, as it addresses the critical infrastructure needs of the country. With improved infrastructure, Nigeria will be better positioned to diversify its economy, attract more investments, and enhance its global competitiveness.

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MSMEs backbone of the Nigerian economy – Minister

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Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has described Micro, Small, and Medium Enterprises (MSMEs) as the backbone of the Nigerian economy.

Oduwole stated this on Wednesday in Makurdi at the opening of a 2-day Benue Inventors and Entrepreneurs Exhibition 2025.

The minister stated that MSMEs contribute more than 48 per cent to the country’s Gross Domestic Product (GDP) and also account for 96 per cent of businesses and 84 per cent of employment.

She said that entrepreneurship was a key driver of any thriving economy and urged the Nigerians to continue to strive in the sector.

Oduwole said the Federal Government was committed to implementing policies and initiatives that would strengthen the MSMEs.

The minister promised that the government would continue to work on ease of doing business.

“This is just a call to action to continue to support your ingenuity, and we commend your resilience and your determination to build businesses that not only meet your needs in this community but also contribute to the broader economic landscape.

“So the products on display today are a testament to your hard work and creative vision, and I have no doubt that these products are poised to compete both locally and on the global stage.

“To the esteemed consumers and visitors here today, this exhibition offers you an opportunity to experience firsthand the quality and innovation of locally made products.

“By supporting these businesses, you’re contributing to the growth of our national economy, creating jobs and promoting sustainable development.

“Let us make a conscious effort to prioritise made-in-Nigeria products,” she said.

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Oduwole commended Gov. Hyacinth Alia for his vision and commitment to fostering an environment that empowers entrepreneurs, promotes local production and drives the growth of the local economy.

The minister stated that Benue, known as the Food Basket of the Nation, has vast agricultural resources that contributed significantly to Nigeria’s food security.

She said the state has embraced the entrepreneurial spirit by creating policies and directly supporting the facilitation of industrial growth and support for innovative-driven businesses.

“This exhibition is a testament to the creativity, talent and ingenuity that defines the good people of Benue.

“It reflects the spirit of resilience and innovation that defines the individual entrepreneurial energy of this great state,” she said.

Commissioner for Science, Technology, and Innovation, Mr Nick Eworo, said in his welcome address that the state was well positioned to become the hub of innovation and technological advancements in North Central Nigeria.

Eworo said the theme of the exhibition, “Innovating for a Sustainable Future”, reflects the state’s commitment to leveraging science, technology, and entrepreneurship to drive lasting change.

“Benue is brimming with untapped talent, and what you see today is just a glimpse of the vast potential that exists across our state,” he said (NAN)

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Barau condoles with victims of Edo attack, donates N16m

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Deputy President of the Senate, Barau Jibrin, on Wednesday sympathised with the families of 16 travellers killed in Uromi, Esan North-East Local Government Area of Edo.

The News Agency of Nigeria (NAN) reports that Barau met with the families at the At-Taqwa Mosque in Bunkure town, headquarters of Bunkure Local Government Area.

Barau promised to sponsor a motion on the matter when the Senate resumes later this month.

He also announced a donation of N1 million to each family, totalling N16 million.

He said, “I am here to sympathise with you over the tragic incident that led to the death of 16 of our brothers last Thursday.

“May Allah grant them Jannatul Firdaus and quicken the recovery of those injured.

“I was worried when the incident happened and immediately contacted the state governor, security agencies, and stakeholders. They acted swiftly, and so far, 16 suspects have been arrested.”

The state governor, who visited Barau’s house in Abuja, assured him that the state government would support the families.

“We will not take this incident lightly and will ensure that the culprits face the full wrath of the law,” Barau added.

The Chief Imam of Bunkure, Sheikh Zainul Abidina Auwal, thanked the senator for his efforts in ensuring justice and described him as a leader needed for national development. (NAN)

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FG re-opens Independence Bridge in Lagos

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Federal Government has announced immediate re-opening of the Independence Bridge (Ahmadu Bello Way-Marina bound) to vehicular traffic.

The Minister of Works, Sen. Dave Umahi, announced this in a statement by the Federal Controller of Works in Lagos, Mrs Olukorede Kesha, on Wednesday.

The government had announced closure of the bridge starting from April 1 for essential maintenance and rehabilitation works.

It was to remain closed until May.

However, in the statement, Umahi said that necessary repair works on the bridge would be carried out later.

He said that palliative works were underway to ensure that the bridge would be motorable.

He regretted inconveniences caused to the motoring public by the closure, and appealed for understanding and cooperation. (NAN)

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