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Thursday, May 23, 2024
The African Development Bank has invested $1.44 billion to support the development of energy and power, transport, water, and sanitation infrastructure in Nigeria, according to the Bank’s Nigeria Country Department, Director General Lamin Barrow.
Barrow noted that Nasarawa State, and indeed Nigeria, face a huge infrastructure deficit, inhibiting the country’s efforts to diversify its non-oil production and achieve international competitiveness for exports.
According to the 2020 National Integrated Infrastructure Master Plan, Nigeria requires, between 2020 and 2043, total infrastructure investments estimated at $2.3 trillion, to raise its infrastructure stock to the international benchmark of 70% of GDP. The energy sector alone will require $759 billion, while the transport sector needs $575 billion.
“To address this problem, the African Development Bank is supporting the federal and state governments to improve the national and states’ infrastructure. As of April 2024, 31 percent of the Bank’s active portfolio, valued at $1.44 billion, is supporting infrastructure development in Nigeria,” Barrow said in a speech he read on behalf of the Group’s President, Dr. Akinwumi Adesina, at the Nasarawa Investment Summit 2024.
To achieve industrial renaissance, Nasarawa State and Nigeria must accelerate domestic resource mobilization; boost agriculture sector productivity; develop value chains and supportive infrastructure; enhance de-risk investments; prioritize natural resource value addition and beneficiation; strengthen institutional capacity and bridge the skills mismatch to enhance youth employability, he said.
“Nasarawa is known for its huge potential in agriculture, particularly its organized commodity aggregation system, which ensures the marketability and traceability of produce. It is reassuring to note that Nasarawa is prioritizing the development of agricultural value chains for key commodities such as sesame, rice, and ginger. “
The African Development Bank has financed the construction of the Keffi and Akwanga water supply schemes in Nasarawa, comprising intake works, pumping stations, a 62,850 m3/d treatment plant, 19.9 km of transmission pipes and 42 km of distribution pipes, as well as service reservoirs, drainage, and buildings.
The state is also under consideration for participation in Phase II of the Special Agriculture Processing Zone (SAPZ) program in Nigeria.
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