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The African Development Bank on Tuesday unveiled a plan to close the $130 billion gap in infrastructure financing in Nigeria and other African countries.
The plan, which was unveiled at the Africa Infrastructure Forum Roadshow held in Abuja on Tuesday, will take full shape at the African Investment Forum scheduled to hold in Johannesburg, South Africa in November.
According to the plan, the AfDB will galvanise private sector funds and other development partners to handle infrastructure projects that have been verified by the bank and approved by the respective countries.
Among the projects that have been selected in Nigeria by the AfDB for funding through the new mechanism are the Abuja Integrated Infrastructure Project, otherwise known as the Satellite Towns, and the Bus Rapid Transit and the Eko Atlantic City project in Lagos.
The Senior Director, Nigeria Country Office, AfDB, Ebrima Faal, said the African Investment Forum was the continent’s new premier investment marketplace and the most important initiative for accelerated economic development and transformation. Faal stated, “Over the last decade, and despite impressive growth rates in most of the continent, Africa’s infrastructure needs remain formidable with annual financing gap of between $130 billion and $170 billion.
Photo Caption: Akinwumi Adesina AfDB President
