Nigeria consolidates position as AfDB’s largest shareholder

Nigeria will effectively be consolidating her position as the largest shareholder in African Development Bank (AfDB) when President Muhammadu Buhari commissions the new office complex of the AfDB in Abuja on January 18.

The state-of-the-art Nigeria Country Department (RDNG) office complex, situated in the Central Business District of Abuja, is the first permanent structure to be designed and constructed in any regional member country of the Bank.

Nigeria is the African Development Bank’s largest shareholder with a portfolio of approximately US $6 billion and country operations accounting for 13% of the Bank’s total portfolio.

A statement from the AfDB noted that “following the Board of Directors’ approval of the “Rent or Acquire Premises for Field Offices” policy and the recommendation to construct a new office in Nigeria, construction work started in January 2016 and lasted 16 months. The 220-staff capacity four-storey building will now become a model for replication in other countries.”