The African Development Bank, said on Friday in Busan, South Korea, that it was assisting the Transmission Company of Nigeria to invest in modernisation of its transmission network to improve the energy sector of the country.
The AfDB President, Dr Akinwumi Adesina, said on Friday on the sideline of the bank’s Annual Meetings that it was also investing in the private sector of the country by providing the commercial banks with significant lines of credit to drive economic development.
He said the bank had disbursed 600 million dollars to Nigeria to help it to exit recession, adding that the government acknowledged that it would have been difficult for the country to come out of the situation without the support.
He called on African countries to increase their budgetary allocations to finance infrastructure development because many countries under-invested in the sector. Akinwumi also announced that the next meeting of the bank had been scheduled for Malabo, Equitorial Guinea in 2019.