AfDB provided $7bn support to Nigeria in 10 years — Adesina

Former President of the African Development Bank Group, Akinwumi Adesina, says the bank provided about $7bn in financing to Nigeria between 2015 and 2025, representing 63 per cent of its total financing to the country since it began operations in 1971.

Adesina disclosed this on Tuesday after meeting President Bola Tinubu at the Presidential Villa, Abuja, where he briefed the President on his achievements during his 10-year tenure at the continental development finance institution.

He said the bank’s cumulative financing to Nigeria since 1971 stood at $11.1bn, with $7bn provided during his decade-long leadership.

“If you look at the bank support to Nigeria from 2015 to 2025, it was roughly $7bn. But if you look at the total amount of bank financing to Nigeria since 1971, when the African Development Bank started operations in Nigeria, it’s been $11.1bn,” Adesina said.

“So, within 10 years, we were able to do 63 per cent, literally, of that.”

The former AfDB president said Tinubu was pleased with the bank’s interventions and the achievements recorded during his tenure.

Adesina, who completed two five-year terms as president of the bank, said his visit was partly to report to Tinubu on the outcome of his leadership and discuss the institution’s support for Nigeria.

He also commended the President for implementing major economic reforms, particularly the removal of the petrol subsidy and the harmonisation of foreign exchange windows.