AfDB Bans Oceanic Construction and Engineering Nigeria For 2years The African Development Bank Group has blacklisted Abuja-based construction firm, Oceanic Construction and Engineering Nigeria for a minimum period of 48 months, for alleged fraudulent contract bidding. According to a statement by AfDB, recently, “An investigation conducted...

Debt Servicing Consumes Over 50% Of Nigeria’s Revenue, Says AfDB Debt servicing gulps more than 50 per cent of Nigeria’s revenue, the African Development Bank has said. The bank, which said this in its West Africa Economic Outlook 2019, said the servicing of the country’s external...

UN Supports AfDB’s $10bn Power Initiative The United Nations (UN) has thrown its weight behind the quest of the African Development Bank (AfDB) to provide electricity to 250 million people in Africa through its ‘ Desert to Power’ electricity initiative. A statement made available to our...

AfDB, Sophia University, sign MOU to build capacity The African Development Bank (AfDB) and Sophia University in Japan, have signed a Memorandum of Understanding (MOU) to promote capacity development within the two institutions for their mutual benefit and the entire African continent. The agreement was signed...

Rwanda Gets €115m AfDB Loan The African Development Bank’s Board has approved additional funding support of €115 million to Rwanda’s Sustainable Water Supply and Sanitation Program, enabling 1.5 million people to access improved, reliable and sustainable water supply services. The funding would cover strategic cities and...

Report Forecasts Growth For Nigeria, Others In 2019 A recent report by the African Development Bank (AfDB) has predicted growth in 2019 for African economies. According to the report, growth was expected to reach 4.1 per cent, up from the initial 3.8 per cent growth in...