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AFDB OKAYS $8.2B SUPPORT FOR NIGERIA, OTHERS


Daniel Essiet
 * 
 * 
 * 

June 16, 2023

African Development Bank (AfDB) said it approved $8.2 billion to support Nigeria
and other countries last year.



In its  2022 Annual Report, the bank said the support was significantly higher
than in the previous two years $6.3 billion in 2021 and $6.0 billion in 2020 and
getting closer to the 2019 level of $10.1 billion, thus almost reversing the
impact of the COVID-19 pandemic on recent years’ approvals.



“Amid multiple global shocks, the [African Development] Bank once again
demonstrated its unwavering commitment to African countries through targeted
actions tailored to strengthening resilience across the continent,” AfDB
President Akinwumi Adesina said in the foreword to the report.



The bank observed that Africa saw its real gross domestic product growth slow to
3.8 per cent in 2022, down from 4.8 per cent in 2021. The report attributed this
to inflation, rising fuel prices and rising geopolitical tensions.

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Read Also: How Nigeria can get out of poverty trap, by AfDB adviser



“The lingering effects of the COVID-19 pandemic, the growing impact of climate
change, and adverse weather also played a role in slowing down gross domestic
product(GDP) growth.

The bank said it responded to the continent’s food crisis and the supply
disruptions of critical inputs for food production by establishing the $1.5
billion African Emergency Food Production Facility to raise the production of
several essential food staples, and provide fertilizer and extension services.



In a significant boost to gender equality in 2022, according to the report, the
Bank cumulative support to women-owned small-and-medium-sized enterprises (SMEs)
across 27 countries, and through 56 financial institutions reached S$1 billion
in approved lending.

The bank said the replenishment of the African Development Fund (ADF), the Bank
Group’s concessional lending window to low-income countries recorded $8.9
billion commitment. Included in this the bank noted was $429 million for the
Climate Action Window, established to mobilize resources to support climate
adaptation actions in ADF countries.

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