The investment of $520 million in specialised agro-processing zones by the African Development Bank (AfDB) in Nigeria has received the accolade of President Bola Tinubu.
The president hailed the investment action taking by the President of AfDB, Dr. Adewunmi Adesina, which supports the government’s mission towards economic growth and diversification.
Adesina and President Tinubu met during the Paris Summit for New Global Financing Pact, a two-day international event held in France.
While lauding the banks investment in the agro-industrial project, Tinubu said such action would strengthen a critical sector of the economy as he also reel out priority areas that require Foreign Direct Investment (FDI).
The President, requested from the bank to invest more in projects that empowers women and youth, and thanked the AfDB President for his vision of setting up a Youth Entrepreneurship Bank in Nigeria that will provide credit, skills and other support for young Nigerians.
The President has also assured the President of the AfDB of Nigeria’s support to sustain the Banks investment in Nigeria but lament that electricity remains a priority area that needed urgent attention by his administration.
Adesina in return thanked Tinubu for the bold initiatives he has taken towards repositioned Nigerian economy barely three weeks into his administration and said such commitment has reinvigorate investors confidence from all over the world for Nigeria.
“I commend the president’s foresight, boldness and determination for macroeconomic policy direction by removing the fuel subsidy. No bird can fly with its wings tied behind. All those steps are signals investors like,” he said.
Adesina said the bank would support the economic policies of the new administration in Nigeria that places the people first in development targets.
In another meeting, Tinubu received executives of Airbus/ATR, assuring them that the aviation sector would be streamlined for efficiency, especially in maintenance of aircrafts and training.
Senior Vice President of Airbus/ATR, Public Affairs, Laurent Rahul Domergue, assured the president that the company was prepared to invest in the aviation sector, particularly in supplying planes to Nigeria.
Meanwhile, Tinubu, who was initially scheduled to be back in Abuja, yesterday, has proceeded to London, United Kingdom, for a short private visit. The president will be back in the country in time for the upcoming Eid-el-Kabir festival.
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