African Development Bank (ADB) has released USD 209.7mn as for infrastructure development in Nigeria for various projects across the country. These projects include the proposed Nigeria-Cameroon multinational highway, in which the bank has committed USD 119mn.
ADB’s Vice President Operations, Central and West Africa, Bisi Ogunjobi made an announcement to this effect. Ogunjobi said that arrangements for the highway project at the Cameroonian end had been concluded, while arrangements on the Nigerian side, including the environmental impact assessment, were under process.
A tripartite meeting between the bank and the two African countries would be held during this quarter to further appraise the project and take decisions towards its successful completion. Other projects to be financed by ADB include National Electric Power Authority (NEPA) transmission project at USD 28mn, Rural Urban Mobility project at USD 32mn, commercialisation of 12 River Basin Development Authorities studies at USD 1mn, Olokola Port and Free Trade Zone development business at USD 2mn and small hydro power schemes for rural electrification at USD 3.7mn.