As a tool to speed-up development, the African Development Bank Nigeria has been functioning effectively to ensure the country actualize its full potentials. Established in 1963 as a major financier of government and investment activities for development in the continent, African Development Bank (AfDB) Group started operations “to sustain economic growth and reduce poverty in Africa.” The group comprises of three entities, which are: the African Development Bank (ADB); the African Development Bank Fund (ADF); and the Nigeria Trust Fund (NTF).
Being the largest shareholder of the Bank, Nigeria is benefiting progressively from the operations of AfDB. The bank, which draws its shareholders from about 78 nations of the world, provides loans and equity for socioeconomic developments to the country in the areas of healthcare, sanitation, water, transportation and power supply. The resultant effect of this can be noticed in the areas of road construction, poverty alleviation programmes, skill development, job creation and environmental sanitation in the country.
Apart from Nigeria, other shareholders of the group include 53 African countries (regional shareholders) and 24 non-African countries (non-regional shareholders). The cooperation of these shareholders is targeted at improving all sectors of African economies to enhance the human development index of the continent. Therefore, the group’s operations and programmes rotate around infrastructures; social amenities; finance; Industry; mining and quarrying; as well as agriculture and rural development.
Though it is quite conspicuous that the human development index in Nigeria is still low, the activities of African Development Bank Nigeria have been a significant one towards the country’s growth and development.