Dr. Ousmane Dore, the Country Director of the African Development Bank, Nigeria Field Office, said on Thursday that the bank’s total portfolio in Nigeria as at December 2014 was about $3.09 billion (N519.12 billion).
Dore disclosed this in an interview with the News Agency of Nigeria in Abuja.
He said the total value of the bank’s group public sector portfolio during the period was $1.41 billion (N236.88 billion), while investments in the private sector totalled $1.68 billion (N282.24 billion).
Dore explained that the projects portfolio covered the supports to both public and private sectors in the country which were given as loans during the year.
He explained that the loans were investments that were channelled to infrastructural development, which essentially comprised water and sanitation projects, energy and transport and agriculture in the country.
The country director said the bank’s intervention in key sectors of the economy was in line with its strategy, which was designed in collaboration with the Federal Government.
According to him, that strategy calls for an intervention focus on infrastructure development and supporting policy environment so that the country can best use its resources for development.
Dore said: “In the contest of that strategy today, the total value of our portfolio in this country amounts to almost $3 billion, of which we have $1.41 billion in the public sector.
“However, we have $1.68 billion in the private sector today.”
Dore said the bank’s loan approval for the public and private sectors and policy based assistance grants for the country in 2014 alone was $1.44 billion (N243.31 billion).
He explained that the bank approved 11 new projects in the public and private sectors.
It also approved three policy-based technical support grants through the Middle Income Country Technical Assistance Fund during the year.
According to him, in the public sector, the bank approved a total of $700 million (N117.60 billion) as loans, of which $200 million (N33.60 billion) is for Port Harcourt, Rivers State Water supply and sanitation.
The country director explained that the bank also approved $500 million (N84 billion) for the establishment of the Development Bank of Nigeria during the year.
Dore said in the private sector, AfDB approved a total of $747 million (N125.49 billion) as loans for some companies and commercial banks in 2014.
According to him, $100 million (N16.8 billion) line of credit is approved for Access Bank and $125 million (N21 billion) for Zenith Bank, to support domestic oriented SME financing.
He added: “The bank also approved $12 million for LAPO Microfinance bank, $25 million for Stanbic IBTC Clean Technology Fund and $100 million for Stanbic IBTC-Rand Merchant Bank.
“Accordingly, $5 million was approved for AB Microfinance Nigeria Limited SME programme.
“Also during the year, the bank approved a loan of $150 million for the Lekki Tolaram Road project, which is a private sector initiative, which AfDB sees the need to be part of.
“The bank approved $300 million for Dangote Industries Limited for its refinery project, while $30 million was approved as loan for Oku-Iboku Pulp Paper Mill project in Cross River.”
Dore added that the approval for the policy-based technical assistance grant for the country during the year was $1.27 million (N212.85 million).
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