Nigeria Govt. Accept $520m From Africa Development Bank For Specialsed Agro-processing zone
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The Nigeria President Bola Tinubu has accepted an investment of $520m in specialised agro-processing zones by the African Development Bank.
This was made known in a statement signed on Saturday by the President’s Special Adviser on Special Duties, Communication, and Strategy, Dele Alake noted that President Tinubu said this when he received Dr. Adesina after the two-day summit on A New Global Financing Pact in Paris.
He commended the President of the multilateral institution, Dr. Akinwunmi Adesina, for further opening up the economy for investments that provide job opportunities and poverty reduction.
The statement is titled ‘President Tinubu applauds AfDB’s $520m investment in agro-industries.’
Tinubu posited that the agro-industrial project strengthens an area of Nigeria’s competitive advantage as he listed other areas of priority that require Foreign Direct Investment while appreciating the AfDB President for his vision of setting up a Youth Entrepreneurship Bank in Nigeria that will provide credit, skills, and other support for young Nigerians.
He also urged the Bank to inject funds into projects that target women and youth empowerment while assuring Dr. Adesina that the Federal Government would provide all the necessary assistance to ensure the sustenance of the projects, saying that electricity remained a priority area that needed urgent attention.
In his remarks, the AfDB helmsman thanked the Nigerian leader for the bold initiatives that had repositioned the Nigerian economy in three weeks and stimulated the appetite of investors from different parts of the world; removal of fuel subsidy and harmonisation of exchange rates.
“I commend the President’s foresight, boldness, and determination for macroeconomic policy direction by removing the fuel subsidy,’’ he said. Adding that “No bird can fly with its wings tied behind. All those steps are signals investors like,’’ Adesina said.
Dr. Adesina said the bank would support the economic policies of the new administration in Nigeria, which had placed the people first in development targets.
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