ABUJA, JANUARY 18, 2018 – President Muhammadu Buhari will today inaugurate the new office complex of the African Development Bank (AfDB) in Abuja.
This development is believed to be a consolidation in the country’s position as the bank’s largest shareholder, with a portfolio of $6 billion and country operations accounting for 13 percent of the bank’s total portfolio.
The complex, situated in the Central Business District (CBD) of the federal capital city, is the first permanent structure to be designed and constructed in any regional member country of the AfDB.
The development of the office complex came on the heels of the Board of Directors’ approval of the “Rent or Acquire Premises for Field Offices” policy; and following the recommendation to construct a new office in Nigeria, construction started in January 2016. The 220-staff capacity four-storey building will become a model for replication in other countries.
“The bank has positioned itself as the preferred lending partner in Nigeria as it continues to support Nigeria’s long-term aspiration to be among the top 20 economies in the world by the year 2020,” the Senior Director, Nigeria Country Department of the AfDB, Ebrima Faal said.
AfDB President, Dr. Akinwunmi Adesina, said the institution remains grateful to the Federal Government for providing land the building and the continuous show of solidarity to the bank. The construction of the structure, he further said, is a reaffirmation of the African Development AfDBank’s commitment to support the country to achieve its development reforms.
“The bank is highly committed to working with the private and public sectors to implement the High fives agenda and meet the Sustainable Development Goals’ targets in Nigeria and across the continent,” Adesina said.
The AfDB Group was established on September 10, 1964 and began operations in Nigeria in 1971.
