Tag "AFDB"

    FG launches $200m renewable energy project ‘to light up 500,000 households’

FG launches $200m renewable energy project ‘to light up 500,000 households’

The federal government has launched the $200 million Nigeria Electrification Project (NEP) to provide off-grid energy to over 500,000 people across 105,000 households in rural communities across the country. The project, sourced from the African Development Bank (AfDB), was launched in Abuja, on Tuesday. The off-grid solution, which is expected to commence in the next five months,  will also provide clean and reliable energy [...]

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    Fidelity bank: We have disbursed N18bn to SMEs in Nigeria

Fidelity bank: We have disbursed N18bn to SMEs in Nigeria

Nnamdi Okonkwo (pictured), chief executive officer of Fidelity Bank Plc, says the bank has disbursed N18billion to small and medium scale enterprises in the country. According to a statement released on Monday by Charles Aigbe, a spokesman for the bank, Okonkwo made the remark at 'Giving Her Wings', an event organised by the bank in commiseration of the International Women's Day. Okonkwo [...]

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    AU executive council endorses Adesina for second term as AfDB president

AU executive council endorses Adesina for second term as AfDB president

The executive council of the African Union (AU) has endorsed Akinwumi Adesina, president of the African Development Bank (AfDB), for a second term. The council comprises 55 ministers of foreign affairs representing member states of the AU. The decision was reached during the thirty-sixth ordinary session of the council which held during the AU summit in Addis Ababa, Ethiopia, on February 7. "The executive [...]

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    ‘I’m greatly honored’ — Akinwumi Adesina celebrates Forbes Africa’s ‘African of the Year’ award

‘I’m greatly honored’ — Akinwumi Adesina celebrates Forbes Africa’s ‘African of the Year’ award

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    AfDB approves $210m to boost electricity transmission in Nigeria

AfDB approves $210m to boost electricity transmission in Nigeria

The African Development Bank (AfDB) has approved $210 million to boost electricity transmission in Nigeria. In a statement on Thursday, Ndidi Mbah, general manager of public affairs at the Transmission Company of Nigeria (TCN), said the bank made the approval at its board meeting in Abidjan, Cote d'Ivoire, on Wednesday. Mbah said the money will be deployed in the NTEP-1 projects under [...]

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    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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Adesina: We’ll raise Africa’s industrial GDP to $5.6tn in 2025

Akinwumi Adesina, president of the African Development Bank (AfDB) says the bank plans to raise Africa’s industrial Gross Domestic Product (GDP) to 130 per cent by 2025 and drive the overall GDP from $2.3 trillion to $5.6 trillion to enhance industrialisation. Adesina said structural transformation was needed to ensure sustainable, inclusive and shared growth in Africa. According to him, structural transformation will [...]

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Adesina: We’ll raise Africa’s industrial GDP to $5.6tn in 2025

Akinwumi Adesina, president of the African Development Bank (AfDB) says the bank plans to raise Africa’s industrial Gross Domestic Product (GDP) to 130% by 2025 and drive the overall GDP from 2.3 trillion dollars to 5.6 trillion dollars to enhance industrialisation. Adesina said structural transformation was needed to ensure sustainable, inclusive and shared growth in Africa. According to him, structural transformation will [...]

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Exchange Rates

March 25, 2019USDGBPEUR
INTERBANK306397354
LAGOS380478402
KANO375477498
PH380478498
ABUJA375476400
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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