African Development Bank’s (ADB) Director-General for Nigeria, Mr Lamin Barrow, said on Friday that the bank has a portfolio of $4.4 billion of investments and funding in Nigeria, a reduction in performance resulted in a drop from $5 billion in 63 operations in 2022.
Barrow noted that the bank is committed to supporting investments in Nigeria, he also said that the total number of fundings in the country is 48, which is evenly distributed between the public and private sectors.
He added that the frequency of flagged operations has decreased since January 2023, dropping from 36% to 32% as of September 2023.
He said that by paying close attention to the bank’s procurement plans and how they are being implemented, they will be able to reach 100% compliance. He was glad to see that the number of operations had experienced a decrease from 32% in June to 28% in October and that this number is expected to drop to 8% by the end of 2023 with the implementation of targeted measures for certain projects.
He also noted that some of the performance metrics in the bank’s portfolio had improved, particularly those that had been flagged for implementation issues, which had dropped from 36% in January to 32% in September.