Presidential Research & Communications Unit

President Umaru Musa Yar’adua has challenged the African Development Bank to support the development of the continent’s infrastructure through the private sector.

Speaking to the ADB president, Dr. Donald Kaberuka, on June 26 at State House, the President stated that the African Development Bank needs to strongly support the development of infrastructure in the continent, especially power and transport, without which there can’t be growth.

He said the ADB should examine its role, in the light of changing global realities and globalization, adding, “We need to consciously and deliberately adjust our institutions to meet the needs of the continent”.

He noted that Nigeria had embarked on a reform programme targeted at achieving 10% growth this year, rising to 12% in subsequent years, using the private sector as the driver of the economy, and urged the Bank to support the private sector, to enable the attainment of these targets.

President Yar’adua said his priority is the provision of critical infrastructure to support the private sector, and called on the ADB to partner Nigeria in this effort.

Dr. Kaberuka had earlier disclosed that he was in Nigeria to find out Nigeria’s priorities and President Yar’adua expectations from the Bank. He also said Nigeria was an important member of the Bank, with 10% ownership.

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