The Board of Directors of the African Development Bank Group has approved $150 million line of credit to the United Bank for Africa in Nigeria to support infrastructure development.
The AfDB disclosed this in its monthly newsletter signed by the Nigeria Country Field Office on Tuesday in Abuja.
The publication stated that the credit was approved through the AfDB’s private sector window.
It said the Line of Credit would help finance infrastructure and Small and Medium Enterprises projects, including women-owned enterprises in Nigeria.
It said: “It will support infrastructure development, particularly in the power sector, which is a major constraint to Nigeria’s economic diversification and inclusive growth.
“The power sector financing gap in Nigeria remains enormous and almost 50 per cent of the population does not have access to electricity.
“The LOC will also help scale up lending to SMEs and women enterprises in both urban and rural areas to create more jobs and to promote inclusive growth for Nigeria’s economy.
“This it will do by stimulating the various sectors like manufacturing, construction, agriculture, education and services.”
It noted that UBA Nigeria had been a leading financial institution to support various infrastructure projects, particularly power, telecoms, transport and social infrastructure like hospital and education facilities.
The publication added that UBA Nigeria operated in all of the country’s 36 states through more than 450 branches supporting 3,700 SMEs in the country.
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