The African Development Bank is to spend $1.5 billion on projects in the Niger Delta region, Abuja and some states, the bank’s representative in Nigeria, Dr. Ousmane Dore, has said.
He said the projects include the construction of East-West highway in the Niger Delta region, financing of Abuja urban transportation programmes and agriculture.
He said: “We are developing new operations for Nigeria to enable us to finance road projects in the Niger Delta region, Abuja urban transportation programmes, and agricultural initiatives.
“These projects are contained in the new developmental strategy being mapped out for Nigeria. They are projects the bank is preparing for the country.
“We will go to the board of the bank for approval soon. Immediately the board approves it, implementation of the projects would start as part of our ongoing concern to improve infrastructure in the country.”
He said the projects would have a gestation period of four years (2013-2016), adding that they are short term.
He said the decision to evolve a new financing strategy for the country was borne out of the need to encourage growth of some sensitive areas.
He said the projects are new and different from the ones earlier approved and executed by the bank. The projects, he said, are not only developmental, but underscore the bank’s plans and programmes for member states.
Dore said the bank had earlier approved $2.2 billion for infrastructural projects in Nigeria, adding that the money was meant to finance privately and publicly-driven projects in the country.
He said $1.3 billion was earmarked for private projects, while the public projects got $900 million.
“Altogether, we are spending $2.2 billion on projects in Nigeria. We have started implementing some projects, while others have not been executed.”
- Written by Nigeria Newsday
- Category: Business