How Abu Dhabi Fund’s first development project in Nigeria will serve the community

Abu Dhabi Fund for Development (Abu Dhabi Fund) has just signed an agreement with the Nigerian government to finance a major road project in the country.

The fund has allocated Dhs165m ($45m) to support the Minna-Bida Road project.

This is Abu Dhabi Fund’s first development project in Nigeria, and is expected to stimulate commercial activities and improve transport links between the main cities in the country, according to the state news agency, WAM.

The 82-kilometre road linking Minna, the capital of the state of Niger, with the city of Bida, will reduce travel time by 50 per cent and lower the cost of vehicle operation by 31 per cent. The road will feature two 7.3-metre-wide lanes.

Mohamed Saif Al Suwaidi, Director-General of Abu Dhabi Fund said that the agreement marked the start of a new partnership with Nigeria, further expanding the fund’s development activity in Africa. “The project will facilitate transport and support economic sectors in the country.”

Abu Dhabi Fund is focused on socio-economic development

Zainab Shamsuna Ahmed, Minister of Finance, Budget, and National Planning of Nigeria expressed her gratitude for the support provided by the UAE, as she emphasised Abu Dhabi Fund’s significant role in driving socioeconomic prosperity in developing countries.

#ADFD opens a new path for a strategic partnership with the government of Nigeria, through which we aim to finance the Minna-Bida road project, as the partnership embodies the beginning of a comprehensive development phase in Nigeria. pic.twitter.com/7LvbcBoCw4

— صندوق أبوظبي للتنمية (@ABUDHABI_FUND) February 22, 2023

She pointed out the importance of the project to the Niger state government and Nigeria as a whole, as it will connect the northern and southern parts of the country. “The project identifies with the National Transport Policy, and hence the development aspirations of Nigeria.”

The minister further added that the project would improve the traffic flows, safety and reduce transport costs on the Minna-Bida axis, give the local community basic-level access to transport services, leaving no one behind, and create employment opportunities for the local population, mainly women, youth, and vulnerable groups.

In other news, Abu Dhabi Fund and International Finance Corporation (IFC), a member of the World Bank Group, signed a memorandum of cooperation (MoC) during the World Government Summit to support investments in emerging markets related to the clean energy transition, climate mitigation and adaptation, the adoption of clean technologies, and food security.

Read: Abu Dhabi Fund for Development, IFC to support investments in clean energy transition

The cooperation framework looks to strengthen the strategic collaboration between the two organisations in several key areas, including by co-investing up to Dhs5.5bn ($1.5bn) in private sector-led projects, according to WAM.

Through the MoC, Abu Dhabi Fund and IFC will work to enhance cooperation and exchange of experiences, especially in supporting small and medium enterprises to promote economic development by encouraging the growth of private business enterprises in developing countries.