President of the Africa Development Bank (ADB), Dr. Akinwumi Adesina, has given strong assurances that the Bank will work in partnership with the Abia State Government in the development of critical infrastructure.
Governor Okezie Ikpeazu had led a team from the state to meet with the Bank management at the Bank Headquarters in Abidjan where a number of issues affecting infrastructural development, agriculture and women empowerment in the state were discussed.
In a statement signed by Onyebuchi Ememanka, his Chief Press Secretary (CPS), Ikpeazu’s presentation dealt with the need for institutional support for the state in the area of financing critical infrastructure as a strategy to help develop the local economy in the state.
Ikpeazu said the people of the state are enterprising, industrious, hardworking and innovative, stressing that if the needed funds are provided for the upgrade of key infrastructural projects that the state will move forward.
He added that when such are made available, it will go a long way in the quest to strengthen the economy of the state and help to transform it especially the city of Aba into a major economic hub, not just for Nigeria but the entire African continent.
The governor requested the Bank President to fast track the approval process for the Abia State Integrated Infrastructural Project since the state government has fulfilled all conditions stipulated by the bank in this direction.
Ikpeazu also requested that the Bank buys into the Enyimba Economic City Project, describing it as the most ambitious economic development project in the country presently.
In the area of agriculture, the governor told the Bank Chief that Abia has crossed the rubicon in local production of rice with plans to increase production this year.
He stated that the natural rice fields in the Bende area of the state have the potential to produce enough rice to cater to local consumption which will invariably improve the economy of the rice producers, create jobs and improve the economy.
Ikpeazu drew the attention of the Bank to the production capabilities of the state in Palm Oil, Cassava, Cocoa and Cashew, and requested the Bank to assist the state to improve the value chain of these products through institutional financing.
Responding, the President of ADB and Nigeria’s former Minister of Agriculture, thanked Ikpeazu for the visit and assured him that the Bank is satisfied with the clarity of his vision for his people and will definitely partner with the state in several areas.
Adesina gave specific assurances that the development of the Enyimba Economic City Project is top on the agenda of the Bank owing to its capacity to turn around the economy of the Southeast region of the country.
He also assured that the process of approval for the Abia State Integrated Infrastructural Project has reached advanced stages and will soon be presented before the Board of the Bank for necessary action.
He noted that the city of Aba has the capacity to become a major economic hub owing to the productive capacity and entrepreneurial ingenuity of the people of the state.
On women empowerment, the Bank President told the governor that the Bank has an economic stimulus program specifically designed for women called the Affirmative Finance Action For Women In Africa.
Adesina said the Bank, in recognition of the critical roles played by the African woman in the economic development of Africa, has developed the program which will leverage the Bank’s financial instruments to increase lending to women.
The program, Dr. Adesina continued, is a $300 Million risk-sharing instrument to unlock $3 Billion in credit for women businesses and enterprises in Africa.
He said the programme will also provide advisory services to financial institutions to ensure the successful implementation of their product portfolios for women and strengthen the capacity of women entrepreneurs through training to enhance their productivity and growth.
He assured that the Bank will partner with the state government to ensure that women from Abia State benefit from this programme and detailed the Vice President of the Bank, Nigeria’s Ms. Chinelo Anohu to interface with officials of the Abia state government in this direction.
