Tuesday, June 3, 2025
The Lagos Today
  • Login
No Result
View All Result
No Result
View All Result
The Lagos Today
No Result
View All Result
Home National

AfDB To Grant Nigeria Bonds To Tackle Insecurity

by Eucharia Egwuma
October 13, 2021
in National
Reading Time: 2 mins read
0
0
AfDB To Grant Nigeria Bonds To Tackle Insecurity
Share on FacebookShare on Twitter

The African Development Bank (AfDB), has expressed its readiness to assist Nigeria in the design and implementation of “Security-Indexed Investment Bonds” to raise more funds to tackle its security challenges.

The sale of these bonds will help raise funds from the global capital markets to support countries to upgrade their security architecture, rebuild damaged infrastructure in conflict-affected areas, rebuild social infrastructure and protect areas with strategic investments.

This disclosure was made by the President of the AfDB, Dr Akinwumi Adesina, at the Mid-Term Ministerial Performance Review Retreat in Abuja on Monday, where he pointed out that there could not be investment, growth or development if there was no adequate security.

The AfDB boss said that an economically resurgent Nigeria must be a more peaceful and secure Nigeria.

Adesina said, “Today, more than ever, several African countries are spending a significant share of their budgets on security, displacing the resources needed for development. We must recognise the strong linkages between security, investment, growth, and development.

“That is why the African Development Bank is working on developing Security-Indexed Investment Bonds to help African countries and Regional Economic Communities to mobilise resources to tackle these challenges.”

Going further, Adesina emphasised the importance of the modernisation and transformation of ports in Nigeria.

He said, “Ports are not there for revenue generation. They are for facilitating business and exports, and stimulating industrial manufacturing, and competitiveness of local businesses and exports. We should not be decongesting the ports in Nigeria; we should be transforming the ports.

“This must start with cleaning up administrative bottlenecks, most of which are unnecessary with multiple government agencies at the ports, high transaction costs or even plain extortions from illegal taxes, which do not go into the coffers of the government.”

He also noted that the trade, investment, and competitiveness through the Africa Continental Free Trade Area was a major opportunity for Nigeria, which would depend on its ports adding that significant support should be directed towards boosting industrial manufacturing capacities.

Insecurity has been a major challenge for Nigeria’s economic development and growth in recent times.

Raising the needed funds to be able to finance a sustainable fight against the rising insecurity is a welcome development.

The Nigerian government had recently solicited assistance from some foreign countries and some development organizations in the area of funding and provision of weapons, to help tackle the insecurity problems.

Share this:

  • Facebook
  • X

Like this:

Like Loading...
Tags: AFDBAfrican Development BankAkinwumi AdesinaInsecurityinsecurity in NigeriaSecurity-Indexed Investment Bonds
Previous Post

EFCC Arraigns Former Abuja VC For N260m Fraud

Next Post

Nigerian Export Promotion Council Gets New CEO

Eucharia Egwuma

Eucharia Egwuma

Related Posts

Madica Invests $200,000 in Nigerian Clean Energy Startup Earthbond

Madica Invests $200,000 in Nigerian Clean Energy Startup Earthbond

by Iyanu Ale
October 23, 2024
0

Nigerian clean energy startup Earthbond has secured $200,000 in pre-seed funding from Madica, an Africa-focused early-stage investment firm. The Lagos-based...

Nigerian Fintech Startup Sproutly Launches Version 2, Announces Key Strategic Partnerships

Nigerian Fintech Startup Sproutly Launches Version 2, Announces Key Strategic Partnerships

by Iyanu Ale
October 23, 2024
0

Nigerian fintech company Sproutly has officially unveiled version two of its financial services platform, aimed at revolutionizing the way educational...

Next Post
Nigerian Export Promotion Council Gets New CEO

Nigerian Export Promotion Council Gets New CEO

Please login to join discussion

Recommended

DPR Seals 86 Gas Plants In Lagos

DPR Seals 86 Gas Plants In Lagos

4 years ago
116 year-old father of late Afenifere spokesperson, Yinka Odumakin, buried in style

116 year-old father of late Afenifere spokesperson, Yinka Odumakin, buried in style

3 years ago

Popular News

    Connect with us

    Tags

    #EndSARS 2023 Elections 2023 polls 2023 Presidency ACCIDENT Africa All progressives Congress APC Asiwaju Bola Tinubu Babajide Sanwo-Olu CBN Central Bank of NIgeria Central Bank of Nigeria (CBN) Coronavirus pandemic Covid-19 Covid-19 in Lagos Covid-19 in Nigeria Covid-19 Vaccine Cryptocurrency Economic and Financial Crimes Commission EFCC Federal Government Federal Government of Nigeria Fraud Gov. Sanwo-Olu House of Representatives Lagos-Ibadan expressway Lagos state Lagos State Government Lagos State House of Assembly Lagos State Police command Muhammadu Buhari Murder Naira NDLEA Nigeria Nigeria Customs Service Nigerian Economy Nigeria Police Force Rape Strike action TECH UK United Kingdom US

    News

    Opinion

    © 2020 The Lagos Today - Nkali.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result

    © 2020 The Lagos Today - Nkali.

    %d