Monday, October 14, 2019

Tag "AFDB"

    One item missing from the budget

One item missing from the budget

Over breakfast and the obligatory cups of coffee somewhere in New York late September, a bright and enterprising Nigerian lady was, as it were, preaching to the converted on the urgency and benefits of private sector investment in infrastructure in Africa. The previous day at the Africa Investment Forum road show held at the Four Seasons Hotel in New York, [...]

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    Buhari nominates Akinwunmi Adesina for second term as AfDB president

Buhari nominates Akinwunmi Adesina for second term as AfDB president

President Muhammadu Buhari has nominated Akinwunmi Adesina for a second term as the president of African Development Bank (AfDB).Adesina made this known on Sunday while receiving the Emeka Anyaoku lifetime achievement award presented to him by the Hallmark of Labour Foundation.This comes ahead of the bank's election scheduled to hold in 2020."When asked by former President Goodluck Jonathan to serve [...]

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    EXCLUSIVE: Foreign donors threaten to withdraw funding for Nigeria’s first utility-scale solar projects

EXCLUSIVE: Foreign donors threaten to withdraw funding for Nigeria’s first utility-scale solar projects

Some international donors have threatened to withdraw $300 million funding for its proposed Nigeria's "first utility scale solar projects", TheCable can report.In a letter dated September 10 to Marilyn Amebi, managing director of the Nigerian Bulk Electricity Trader (NBET), the African Finance Corporation (AFC) noted that it has been working on the 1,000 megawatts (MW) project for a year with [...]

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    ECOWAS seeks additional funding for $2bn Abidjan-Lagos highway

ECOWAS seeks additional funding for $2bn Abidjan-Lagos highway

The Economic Community of West African States (ECOWAS) is seeking additional funds for constructing the $2 billion Lagos-Abidjan highway project.Jeane-Claude Brou, president of the ECOWAS commission, made this known during a signing ceremony between ECOWAS and the African Development Bank (AfDB) in Abuja on Monday.  ECOWAS and AfDB signed a $22.7 million agreement for the cross country road project to [...]

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    FG secures fresh $200m loan from AfDB to fund electrification project

FG secures fresh $200m loan from AfDB to fund electrification project

The federal government has secured a $200 million loan from the African Development Bank (AfDB) to fund electrification projects in the country.In a statement on Monday, the bank said its board of directors approved the sovereign loan to finance the Nigeria Electrification Project (NEP).While AfDB approved $150 million, the Africa Growing Together Fund (AGTF), a $2 billion facility sponsored by [...]

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    Akin Adesina: I am 100% sure Nigeria will sign free trade deal

Akin Adesina: I am 100% sure Nigeria will sign free trade deal

Akinwumi Adesina, president of the Africa Development Bank (AfDB), says he is confident that Nigeria and every other country on the continent will sign the Africa Free Trade agreement. Speaking in South Africa on Friday on the successes of the Africa Investment Forum, Adesina said different countries have their processes, but everyone will come around."I think Nigeria is doing the right [...]

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    AfDB unveils Africa Energy Portal, says 75.7m Nigerians without electricity

AfDB unveils Africa Energy Portal, says 75.7m Nigerians without electricity

The Africa Development Bank  (AfDB) has launched a "one-stop-shop for accurate, reliable, relevant, and up-to-date information on energy in Africa," the Africa Energy Portal.The portal is one of the deliverables from the just concluded Africa Investment Forum (AIF) in Johannesburg, South Africa.In a statement seen by TheCable, the development bank said portal will help address lack of information in Africa's energy [...]

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    Zainab Ahmed: How AfDB helped Nigeria out of recession

Zainab Ahmed: How AfDB helped Nigeria out of recession

Zainab Ahmed, minister of finance, says the African Development Bank (AfDB) was very instrumental to Nigeria's exit from its worst recession in decades.The minister explained this on Thursday while speaking to CNBC Africa on the sidelines of the first ever Africa Investment Forum ongoing in South Africa.She explained the role AfDB played in getting Nigeria out of recession while adding that the [...]

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    Akin Adesina: I’m ashamed of Nigeria’s 4,500MW of power

Akin Adesina: I’m ashamed of Nigeria’s 4,500MW of power

Akinwumi Adesina, president of the African Development Bank (AfDB), says it is unacceptable for Nigeria to be delivering 4,500 megawatts of electricity.Speaking on the sidelines of the Africa Investment Forum ongoing in Sandton, South Africa, the former minister of agriculture says he is ashamed of the country's power generation."My own perspective in everything that I do is that my philosophy [...]

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    AfDB says Africa’s growing population is a time bomb

AfDB says Africa’s growing population is a time bomb

The African Development Bank (AfDB ) says unless the government of African countries match the continent’s growing population and youth unemployment, the continent could trigger a time bomb.Akinwunmi Adesina, president of the bank, said this a recent meeting which had government officials from east and north African countries in attendance.He described the continent’s growing young population as a potential growth engine [...]

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    Akinwumi Adesina: Africa’s agriculture sector will be worth $1trn by 2030

Akinwumi Adesina: Africa’s agriculture sector will be worth $1trn by 2030

Africa’s agriculture market is expected to rise to a valuation of $1 trillion by 2030, says Akinwumi Adesina, president of African Development Bank (AfDB).Adesina said this on Thursday during a keynote address at the 94th US department of agriculture outlook forum held in Virginia."For too long, Agriculture has been associated with what I call the three Ps - pain, penury, and poverty. The [...]

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    Alex Otti, are you for real?

Alex Otti, are you for real?

BY ENYINNAYA APPOLOSOn Monday, February 16 2015, Alex Otti, as the governorship candidate of APGA, at one of his campaign meetings in Aba, told his audience, largely members of the Aba Chamber of Commerce, that he has attracted International Finance Corporation’s (IFC) grant of $100 billion for an industrial park in Aba.He explained to his audience that the grant from [...]

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    AfDB ex-president: Get a single exchange rate and Nigeria’s economy will adjust

AfDB ex-president: Get a single exchange rate and Nigeria’s economy will adjust

Donald Kaberuka, former president of the African Development Bank (AfDB), says once Nigeria can get a single exchange rate in place, the nation's economy will adjust.Fielding questions from TheCable, at the World Bank, IMF meetings in Washington, Kaberuka said Nigeria could do a lot with oil at $40 a barrel.When asked what Nigeria, as a regional engine, must do to [...]

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    Germany, France, AfDB to fund Development Bank of Nigeria

Germany, France, AfDB to fund Development Bank of Nigeria

The Development Bank of Nigeria (DBN) is expected to kick off operations in 2017, with funding from Germany, France, the World Bank, and a few other financing institutions.According to the ministry of finance, led by Kemi Adeosun, "the DBN will have access to US$1.3bn (N396.5 billion), which will be provided by the World Bank (WB), KfW (German Development Bank), the [...]

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    Akinwumi Adesina: To get out of recession, Nigeria must sort its FX policy

Akinwumi Adesina: To get out of recession, Nigeria must sort its FX policy

Akinwumi Adesina, president of the African Development Bank (AfDB), says for Nigeria to get out recession, it must sort out its foreign exchange policy and incentivise the private sector.Adesina made this call at a press conference in Abuja, during the 11th African Economic Forum, which started on Monday, and is billed to run till Wednesday.Speaking on how  to get Nigeria [...]

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    Akinwunmi Adesina: We were mocked for it, but everyone now eats ‘cassava bread’

Akinwunmi Adesina: We were mocked for it, but everyone now eats ‘cassava bread’

Akinwunmi Adesina, former minister of agriculture, says the Goodluck Jonathan administration was mocked for introducing cassava flour and bread, which he claims all Nigerians now eat.Speaking at the African Economic Conference in Abuja on Monday, Adesina said Africa must work on feeding itself and the world via import substitution."When I was minister in Nigeria, we moved aggressively on import substitution [...]

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Exchange Rates

October 14, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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