Nigeria and AFDB Join Forces to Boost Economic Opportunities and Infrastructure

Nigeria and the African Development Bank (AFDB) have recently commenced bilateral discussions on enhancing economic opportunities and transnational investment processes in the country.

This collaboration is part of the Renewed Hope administration led by President Bola Tinubu.

The talks, led by Nigeria’s Minister of Works, Engr. David Umahi, aim to strategize on possible funding for the construction of sections of the Coastal and Trans-Sahara Highways in Nigeria.

The project is expected to boost infrastructure and industrialization along the North-South corridors, creating a favorable environment for trade and transportation of goods and services.

Opportunities for investment in the hospitality industry, tourism, agricultural production, estate, park, and industrial business are expected to emerge along these highways.

Funding will be required to tackle the sections of the Coastal and Trans-Sahara Highways not yet constructed, awarded, or taken over by concessionaires under the Highway Development and Management Initiative (HDMI).

The Coastal Road, which spans 700 km, is the first phase of the project and runs from Lagos through Ogun State to Ondo State, passing through the coastal States of Delta, Bayelsa, Port Harcourt, Akwa Ibom, and ending in Cross River.

The African Trans-Sahara Road, which connects Nigeria to Cameroon, is also being considered for development.

The African Development Bank (AFDB) has a mandate to contribute to the sustainable economic development and social progress of its regional members, both individually and collectively.

The bank has expressed its readiness to assist Nigeria in structuring the different projects and finding the necessary resources to support the country’s development.

As Nigeria and the AFDB continue to collaborate on this ambitious project, the potential for increased economic opportunities and improved infrastructure is vast.

The development of the Coastal and Trans-Sahara Highways is expected to bring significant benefits to the Nigerian economy and its people, as well as strengthen the country’s position as a key player in the African region.