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AfDB delegation meets with Nigerian DFIs

An African Develop-ment Bank (AfDB) delegation led by its President, Donald Kaberuka, met with Nigerian development financial institutions (DFIs) officials on Wednesday, 24 November 2010 in Abuja to exchange views on how to boost the country’s economy through close collaboration.

The meeting, chaired by Mr. Kaberuka, provided a good opportunity for both parties to discuss critical issues such as long-term resource mobilization, equity funds, SME/SMIs, risk management, urban investments, trade, energy, transport, tourism, capacity building in climate change and credit insurance.

Among the leading Nigerian DFIs represented at the meeting were the Bank of Industry, Nerfund, Neximbank, Urban development Bank and officials from the Federal Ministry of Finance. They urged the AfDB to provide them access to more financial resources.

Mr. Kaberuka underscored the AfDB’s willingness to reinforce its support to the DFIs which are now endowed with a new generation of managers. “I want strategic engagement but with more rigor,” he emphasized.

The meeting marked the beginning of a series of consultations between the Bank and DFIs. ” Our aim is to reach the productive sector. I am pleased to note that the regulatory framework in Nigeria is satisfactory. We will do due diligence, taking into account the fact that each case is different,” Mr. Kaberuka concluded.

The meeting is part of  Kaberuka’s  two day visit to Nigeria, which began Tuesday, 22 November 2010. Kaberuka had earlier on Tuesday met with  the Minister of Finance,  Mr Olusegun Agang in Abuja where discussions focused on the Bank’s relations with Nigeria and the various sectors in which Nigeria is seeking AfDB’s support.

Areas of potential cooperation include infrastructure (roads and energy), national institutions, development finance, private sector and diversification of the economy. Mr. Kaberuka and Mr. Agang also reviewed the AfDB President working program in Nigeria. The meeting was closed by a press briefing. Aloysius Ordu, AfDB Vice-President, took part in the discussions.


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