Dr. Akinwumi Adesina, President of the African Development Bank, announces that the bank has secured $15.6 billion for the construction of the Lagos-Abidjan highway corridor, which will improve transportation across West Africa.
On Thursday, he made this announcement during the virtual boardroom closing session of the 2021 Africa Investment Forum.
“The biggest deal for the boardroom is the $15.6 billion deal for the Lagos-Abidjan highway corridor,” said the AfDB president. The highway will connect Lagos, Cotonou, Lome, Accra, and Abidjan.”
According to him, this project would benefit West African trade by improving the lives of over 500 million people, lowering transportation costs, and increasing intra-regional trade volume.
“It will support 75% of trade in the West African region.” Over 500 million people will be affected by the project. It would cut transportation costs by 48%. It would boost intra-regional trade volume by 15% to 25%. It would link landlocked cities with port countries,” he added.
The AfDB president also stated that Affirmative Finance Action for Women in Africa has been critical in assisting African women’s businesses.
According to him, the AfDB will provide $450 million in support of women-owned businesses in Africa in 2021, and $500 million in support of women-owned businesses in 2022.
The AfDB will also establish a $1 million AFAWA women advisory facility to assist women.