Stories by Godfrey AKON
The African Development Bank, AfDB, says it has committed a total sum of $4.4 billion to 48 developmental projects in public and private sectors in Nigeria.
Speaking at the 2023 Country Portfolio Performance Review, CPPR, in Abuja on Friday, the AfDB Director-General for Nigeria Country Department, Lamin Barrow, said currently, the bank’s portfolio in Nigeria is one of the largest among the regional member countries.
Barrow noted that some of the portfolio performance metrics of the bank have improved since its 2022 CPPR workshop.
He added that operations flagged for implementation challenges decreased from 36 per cent in January 2023 to 32 per cent in September 2023.
He further stated that fiduciary compliance has also improved with progress observed in the submission rate of audited financial statements by the Executing and Implementing Agencies for Financial Years 2021 and 2022.
“We are pleased that the share of start-up delays has been reduced from 32 per cent of flagged operations in June 2023 to 28 per cent in October 2023, and is expected to reach 8 per cent by the end of 2023 with timely and targeted actions for some projects.
“Currently, the bank’s portfolio in Nigeria is one of the largest among the Regional Member Countries (RMCs), with a total commitment value of $4.4 billion.
“These are comprised of 48 operations fairly evenly distributed between public and private sector operations,” he said.
Barrow however said notwithstanding the progress recorded, the bank is yet to be where it should be due to its corporate target for flagged operations.
Also speaking, the Director of International Economic Relations Department, IERD, Federal Ministry of Finance, Budget and National Planning, Stanley George, the ministry is instituting actions to effectively monitor and evaluate the projects in line with their performances.
George said the ministry will adopt a rigorous tracking and monitoring of all donor interventions across the country.
“It is pertinent to note that transparent and significant milestones are critical to ensure effective monitoring and evaluation of projects, enhancing accountability, efficiency, and public trust,” he said.
