To support Nigeria’s fertilizer production with $100m
The African Development Bank, (AfDB) says that no fewer than 650 million Africans currently live without electricity.
Dr Victor Oladokun, AfDB Director, Communication and Media Relations, disclosed this on Wednesday while welcoming African Journalists on a Media Tour to Saemaul Undong Model village project, in Yamoussoukro, Cote d’Ivoire.
“About 650 million people in Africa are currently without light and some communities till today never see electricity.
“We have a commitment to ensure universal electricity commitment and few other commitments,’’ he said
He said that Africa by 2050 would have a population of close to two billion people, a population of China and India put together.
He added that about 90 per cent of the people living in rural areas in Africa live in darkness.
“A state like Lagos in Nigeria has about 25 million populations, five million commutes out of Lagos.
“Lagos, like Addis are likely to double its population to 40 to 45 million in the next 20 years, are we prepared? he asked
He said that the continent needed to work hard to be able to manage the population with the basic needs.
He noted that the bank had five key areas of focus to ensure effective development of the region.
The five key areas, he said, include: Light up Africa, Feeding Africa, Integrating Africa, Industrializing Africa and Improve Quality of Life in Africa.
He said that the bank had continued to expand its operations to take business closer to consumers in the field.
According to him, the bank has established 40 offices in different countries in the region as against the 14 it used to have.
“As a bank, we need to be closer to the consumers and the private sector,’’ he said
He added that the bank had refocused its effort to ensure that rural areas were developed over urban centers to bring the desired result in the region
The African Development Bank (AfDB) on Wednesday said it would support fertilizer production in Nigeria with 100 million dollars.
Mr Alhassane Haidara, Industrial Development Manager of the bank, disclosed this while briefing newsmen on the key industrial initiatives and projects of the bank in Abidjan.
He said: “We are going to finance a huge fertilizer plant for the production of Uriah, Ammonia, among others and we are partnering with many companies to get it done.
“The plant will be one of the largest fertilizer plants not only in Africa but in the world.’’
He said that the production would be leveraging on the huge gas reserve in Nigeria to power the plant and transform the raw materials.
He added that the aim was to ensure that the agricultural sector in Nigeria as well as Africa was massively developed.
He noted that there were lots of interest in Nigeria to develop the agriculture and other sectors of the economy.
According to him, the bank will this year embark on projects in the petrol chemical sector, which also linked with the fertilizer production.
He said that bank had in 2014 supported the Dangote Group with 100 million dollars for the expansion of the group’s activities on cement and petrol chemical across Africa.
He said the group was able to access the bank loan based on its clean balance sheet.
“We supported the Dangote Group with 100 million dollars as well to boost its activities in cement production across Africa,’’ he said.
Haidara said that Industrializing Africa was among the high five priorities of the bank, adding that the bank’s commitment had increased from 40 million dollars in 2000 to 2000 million dollars as at 2017.
He said that Africa:s industrialization still lagged behind compared to other continents in the world.