AfDB lends Nigeria £34m for PPPs development
10 March 2011
The African Development Bank (AfDB) has agreed to give Nigeria a $34.3 million (£21 million) loan to finance capacity building for Public Private Partnerships (PPPs).
Under the terms of the agreement, the money will be focused on infrastructural projects, in particular power and transport.
"The success of PPP projects lies in creating an enabling environment for both the public and the private sectors," the AfDB observed.
It added PPPs can be used by the country to reduce its infrastructural deficit, while appropriate capacity is required in order to attract private investors.
Developments will occur at both state and federal levels, as the nation looks to strengthen cooperation between these two.
The money being given to Nigeria is in line with the current Country Strategy Paper for Nigeria, which is looking to make progress with the Millennium Development Goals.
It comes after it was announced a new road is being built that will connect Nigeria and Cameroon, voanews.com reported.