AfDB approves $56bn industrialization package for Nigeria, others

African Development Bank (ADB) Logo.

The Board of African Development Bank, AfDB, has approved $56 billion to scale up industrialization in Nigeria and other countries on the content over the next ten years under its Industrialization Strategy for Africa 2016-2025.

In a statement, the bank stated: “The Strategy, approved by the Board, represents a roadmap for implementing priority programs to scale up the industrial transformation of Africa.

“It addresses key issues such as: (i) Why we need to industrialize Africa; (ii) What it will take to industrialize Africa; and (iii) How AfDB will help to industrialize Africa; “In designing the strategy, the Bank underscored the vital roles that industrialization plays in development as it leverages all the value chains of economic activity ranging from raw materials to finished products.

It catalyzes productivity by introducing new equipment and new techniques, increases the capabilities of the workforce, and diffuses these improvements into the wider economy.

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