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African Development Bank Approves New Five-year Strategy For Nigeria Despite COVID-19

African Development Bank

African Development Bank (AfDB) Board of Directors (BOD) has approved Nigeria’s Country Strategy Paper (CSP) 2020-2024, which builds on the successes and challenges of the 2013-2019 edition.

The Country Strategy Paper (CSP) incorporates emerging challenges and infrastructural deficits in our present realities. It also creates opportunities in shaping Nigeria’s political and economic landscape, especially during the post-COVID-19 period.

Country Strategy Paper (CSP)

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The approval for the Country Strategy Paper (CSP) was made on 27 May 2020. The Senior Director for the African Development Bank in Nigeria Ebrima Faal, re-affirmed the institution’s support for Nigeria’s socio-economic advancement. In his words, “In the implementation of the CSP, the Bank will also support Nigeria to address economic shocks associated with the COVID-19 pandemic and oil price shocks by focusing our interventions in sectors that will strengthen public health infrastructure and accelerate efforts towards economic transformation and diversification of export earnings and fiscal revenues from oil.”

Meanwhile, the 2020-2024 Country Strategy Paper (CSP) iterates the full support of infrastructure development, while also focusing on promoting social inclusion through agribusiness and skills development, which are key priority areas for Nigeria.

It will please you to know that these priorities were selected to leverage Nigeria’s rich endowment of natural and human resources to foster growth and transform the lives of her people. The Country Strategy Paper (CSP) was tailored in the context of supporting the government’s efforts in confronting challenges as well as fostering long-term, socially inclusive development.

The African Development Bank is saddled with the responsibility of deploying a combination of sovereign and non-sovereign financing instruments to support two priority areas. According to the Country Strategy Paper, these areas include investment and institutional support projects. Also, it includes evidence-based analytical work in numerous economic sectors, policy dialogue, and the provision of advisory services.

See Also: How to access the CBN COVID-19 Relief Fund.

Benefits To Entrepreneurs

Entrepreneurs are also not left out of the pack as the Nigerian private sector will be a major focus according to the Country Strategy Paper (CSP). The focus in the private sector will be in terms of financing and advisory services, and on Public-Private-Partnership (PPP) initiatives that enable innovative, long-term investment in energy, transport, water and sanitation.

A lot of stakeholders are responsible for the strategy paper, they include state and non-state actors as well as bilateral and multilateral development partners.

The Country Strategy Paper (CSP) is fully aligned with the Bank’s ten-year Strategy, the High 5 priorities and Nigeria’s own Economic Reform and Growth Plan (ERGP), as well as the global Sustainable Development Goals (SDGs).

Meanwhile, in December 2019, the Bank Group’s active portfolio in Nigeria comprised 61 operations, with a total commitment of about $5 billion of the total active operations. 29 of those active operations were in the public sector, with a commitment of $2 billion (43%) and 32 non-sovereign operations with a total commitment of $3 billion, equivalent to 57% of the total portfolio.

See Also: 100 Profitable business ideas to start now for aspiring entrepreneurs and investors.

Functions Of African Development Bank (AfDB)

African Development Bank’s (AFDB) major function is making loans and equity investments for the socio-economic advancement of the Regional Member Countries (RMC). 

The bank also provides technical assistance for the development of projects and programs, while promoting the investment of public and private capital for development. 

Meanwhile, the bank assists in organizing the development of policies of Regional Member Countries (RMCs). African Development Bank (AfDB) gives special attention to national and multinational projects which are needed to promote regional integration.

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Photo Credit: Voice of America

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