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    Cote d’Ivoire-ADB-Economy

    Nigeria formalises request to host AfDB Regional Office

    APA-Abidjan (Ivory Coast)

    With its position as the largest shareholder ($6 billion) in the African Development Bank (AfDB) since its inception, the Nigerian government has officially asked the bank to host its regional office in Abuja, the financial institution said Friday in a statement.

    “We believe we are the largest shareholder of the bank since its inception; and the country with one of the largest projects portfolios, Nigeria, is the natural and logical place of the bank’s regional center,” Nigeria’s Minister of Finance and Governor of the AfDB Kemi Adeosun said.

    The Regional Office is a senior management outfit, as it plays the role of Board of Directors. The state-of-the-art Nigeria Country Department complex located in the central business district of Abuja is expected to host this regional center.

    “The building was commissioned (on Thursday January 18) by Nigeria’s Vice President, Yemi Osibanjo, on behalf of President Muhammadu Buhari of Nigeria,” the statement said.

    The bank had made Nigeria the first regional member country to host a purpose-built office complex owned by the institution. It said the complex would strengthen Nigeria’s regional integration efforts and plans.

    AfDB has recently provided budget support to Nigeria during the economic downturn. The signaling effect of this move gave the country’s foreign reserves a boost that helped stabilize the Nigerian currency, the naira.

    The institution has 80 member countries, including 54 African countries known as regional member countries. It includes 26 non-regional member countries from European, South and North American and Asian states.


    PIG/ap/ls/lb/afm/APA

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