Vice President Yemi Osinbajo today inaugurated the Country Office of the African Development Bank and hailed the banks $6bn portfolio in Nigeria which enhanced job creation.
Osinbajo said he was particularly delighted that the bank was working closely with the administration in addressing the challenges of the people emerging from an insurgency in the North East and militancy in the Niger Delta.
According to him, the Bank’s portfolio was spread across 73 projects across the country.
“The project will support youth, women and IDPs who have returned to their communities.
“An estimated population of more than 10 million affected people are expected to directly benefit from this project.
“More specifically, I thank the President and Board of the AFDB for their support to Nigeria at a very difficult time, during the 2015/2016 economic recession.
“When we requested support from the bank, the response was swift; the Bank approved the budget support loan of $1bn in Nov. 2016.
“The first tranche of $600m has been fully disbursed and utilized and in my discussions with the President of the bank, we will be getting the remainder in form of sector loans.
“So we are looking forward to the remaining $400m.’’
Osinbajo said that as the people celebrated the inauguration of the bank’s world-class edifice he would reiterate the commitment of the Buhari administration to the bank’s strategy in Nigeria.
NAN
