VP’s Remarks At The Inauguration Of The African Development Bank Building In Abuja

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REMARKS BY HIS EXCELLENCY, PROF. YEMI OSINBAJO, SAN, GCON, AT THE INAUGURATION OF AFRICAN DEVELOPMENT BUILDING IN ABUJA ON THE 18TH OF JANUARY, 2018

PROTOCOLS

I’m delighted to be here today to celebrate with the African Development Bank, the commissioning of its Nigeria country office complex. This building here, in Abuja, is among other things an important symbol of the special relationship between the AFDB, and Nigeria; a founding member and the largest shareholder of the bank from inception to date. And since 1971, the Nigeria country office has served as an important convening point between the bank, the Federal Government, State Governments, and the private sector. Nigeria has been important in the growth of the institution. As a major shareholder, a donor, and a borrower, all at the same time, and we have through the years shared the bank’s vision and objectives.

Just to underscore the love between the AfDB and Nigeria, and the president rightly described it as a marriage; we have loaned our own Dr. Akinwunmi Adesina to the bank, as he is to our great pride, Nigeria’s first president of the bank. Since its founding in 1964, the African Development Bank has evolved into one of the most efficient vehicles for the economic development, and integration of the African continent. The bank has faithfully played its role, as a trusted adviser, and an honest broker in our region, and has also earned its place as the voice of Africa on development issues. As the continent’s premier financial institution, it is at the centre of Africa’s transformation, to bring real and lasting progress to the lives of African people. While Africa has made significant strides in economic growth, and in poverty reduction, much remains to be done. The goal is clear; to eradicate poverty, to create more inclusive socio-economic development, and to integrate the continent. To do so, the continent needs to promote growth that creates jobs, and provides economic opportunities for all. To contribute to this agenda, the African Development Bank through the high-fives unveiled by Dr. Adesina, when he took office in 2015, is in our view right on track, especially by investing more in infrastructure especially power and water, agriculture, education, health care, and increased access in particular to affordable energy and water.

More importantly, the bank is to be commended for its ongoing efforts to close the gender gap, empower women, and youths, and to ultimately strengthen, and expand social safety nets for our most vulnerable populations. With its large market of over 185 million people, Nigeria will continue to be an important player in the bank’s work; advancing efforts to boost regional integration within the Economic Community of West African States (ECOWAS) in particular and Africa as a whole.

We will continue to be a strong and committed partner of the African Development Bank, and to lead by example. We’ve already clearly demonstrated through the partnership that led to the establishment of the bank’s Nigeria Trust Fund, established in 1976. The Trust Fund of more than $500 million has helped to transform the economies, and improve the living standards of millions of people in other African countries.

In Nigeria, the AfDB as we’ve already heard has an active portfolio of close to $6billion, spread over 73 projects across public and private sectors of the Nigerian economy. These projects continue to create thousands of direct and indirect jobs, in many parts of our economy. I am particularly delighted, that the bank is working closely with the administration, in addressing the challenges faced by communities, and people emerging from insurgency in the Northeast, and some of the militancy in the Niger Delta region.

The bank’s inclusive basic delivery and livelihood empowerment integrated programme, aimed at addressing the challenges in the Northeast in particular, is commendable. The project will support youth, women, and IDPs who have returned to their communities. An estimated population of more than 10 million affected people are expected to directly benefit from this project.

More specifically, I thank the President and Board of the African Development Bank for their supports to Nigeria at a very difficult time, during the 2015/2016 economic recession. When we requested support from the bank, the response was Swift. The Bank approved the budget support loan of $1 billion in November 2016. The first tranche of 600 million has been fully disbursed, and utilized, and in my discussions with the president of the bank, we will be getting the remainder in form of sector loans. So, we’re looking forward to the remaining $400 million.

As you know with marriages, very frequently when demands are made, they are sometimes cuts in half, you know, but, the other half soon comes along. The approval by AFDB sent a much-needed positive signal to the markets at a critical time for Nigeria, and for this, we will ever remain grateful to the AFDB.

Your Excellencies, distinguished ladies, and gentlemen, as we celebrate the commissioning of this world-class edifice, I wish to reiterate the commitment of the Buhari Administration to the bank strategy in Nigeria. The strategy is fully aligned with our own Economic Recovery and Growth Plan from 2018 to 2020.

Again, congratulations to the President of the AfDB, President Akinwunmi Adesina, the Board of Directors, and the staff of the African Development Bank, all who have made this edifice a reality.

I want to thank you very much for listening, and in the next few minutes, we will be commissioning this excellent edifice.

Thank you very much indeed.