Nigeria Consolidates Status as AfDB’s Largest Shareholder

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resident Muhammadu Buhari will on Thursday commission the new office complex of the African Development Bank (AfDB) in Abuja, consolidating the country’s position as the regional Bank’s largest shareholder.

Nigeria is AfDB’s largest shareholder with a portfolio of approximately US$6 billion and country operations accounting for 13 per cent of the Bank’s total portfolio.

The state-of-the-art Nigeria Country Department (RDNG) office complex, situated in the Central Business District of Abuja, the nation’s capital, is the first permanent structure to be designed and constructed in any regional member country of the Bank.

Following the Board of Directors’ approval of the rent or acquire premises for field offices policy, and the recommendation to construct a new office in Nigeria, construction work started in January 2016 and lasted 16 months.

The 220-staff capacity four-storey building will now become a model for replication in other countries, a statement issued by the communications department of AfDB said.

“The Bank has positioned itself as the preferred lending partner in Nigeria, as it continues to support Nigeria’s long-term aspirations to be among the top 20 economies in the world by the year 2020,” said Ebrima Faal, Senior Director, Nigeria Country Department of the AfDB.

According to the AfDB president, Dr. Akinwumi Adesina, “The Bank remains grateful to the Federal Government of Nigeria for the land provided and the continuous show of solidarity with the Bank.

“The existence of this structure is a reaffirmation of the African Development Bank’s commitment to support Nigeria to achieve its development reforms.”

“The Bank is highly committed to working with the private and public sectors to implement the High 5s agenda and meet the Sustainable Development Goals’ targets in Nigeria and across the continent,” he said.

The event will be attended by top government officials, development partners, international organisations, captains of industry, the diplomatic corps and the media.

The AfDB Group was established on September 10, 1964 and commenced operations in Nigeria in 1971.

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