Oct. 12, 2021

The African Development Bank (AfDB) says it is ready to assist Nigeria in the design and implementation of “Security-Indexed Investment Bonds to raise more resources to tackle its security challenges.

President of the AfDB, Dr Akinwumi Adesina, said this on Monday at the Mid-Term Ministerial Performance Review Retreat in Abuja.

He said the bonds would raise funds on the global capital markets to support countries to upgrade their security architecture, rebuild damaged infrastructure in conflict-affected areas, rebuild social infrastructure and protect zones with strategic investments.

The AfDB president further stressed that without security there could not be investment, growth or development.

He pointed out that an economically resurgent Nigeria “must be a more peaceful and secure Nigeria”.

“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.” (NAN)