Nigeria is largest shareholder in AfDB with portfolio of $6bn – Official

The Nigeria Country Director of African Development Bank (AfDB), Ebrima Faal, has said that Nigeria is the bank’s largest shareholder, with a portfolio of approximately six billion U.S dollars.
Faai announced this in a statement issued on Monday and made available in Abuja.
Faal said that President Muhammadu Buhari would inaugurate the bank’s new office complex, in Abuja, on January 18, to further consolidate the country’s position as the largest shareholder.
He said that the state-of-the-art Nigeria Country Department office complex was the first permanent structure to be designed and constructed in any regional member country of the bank.
“Nigeria is the AfDB’s largest shareholder with a portfolio of approximately six billion U.S dollars and country operations accounting for 13 per cent of the bank’s total portfolio,’’ Faal said.
He said that construction work of the new office started, in January 2016, and lasted for 16 months.
According to him, the 220-staff capacity four-storey building would become a model for replication in other countries.
“The bank has positioned itself as the preferred lending partner in Nigeria, as it continues to support Nigeria’s long-term aspiration to be among the top 20 economies in the world by the year 2020,’’ he said.
Faal quoted the Bank’s President, Akinwumi Adesina, saying that the AfDB would remain grateful to the Federal Government of Nigeria, for the land provided and the continuous show of solidarity with the bank.
According to Adeshina, “this structure is a reaffirmation of the bank’s commitment to support Nigeria to achieve its development reforms.’’
Faal said that the bank was highly committed to working with the private and public sectors to implement its high fives agenda to meet the Sustainable Development Goals’ targets in Nigeria and across the continent.
He said that the inauguration of the office would be attended by top government officials, development partners, captains of industry, the diplomatic corps and the media.
Faal said that the Bank Group was established on September 10, 1964 and commenced operations in Nigeria in 1971.

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