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International Operations

African Development Bank (ADB) Group

African Development Bank (ADB) Group is a regional multilateral development bank established in 1964, but commenced operations in 1967. It is owned by 77 nations from Africa, North and South America, Europe and Asia. Of the 77 nations, 53 are African countries referred to as the Regional Members, while the balance of 24 other countries, made up of Americas, Europe and Asia are the Non-Regional Members. The authorized capital of the ADB Group stands at 21.87 billion Unit of Accounts (UA),equivalent of US$33.0 billion.

The objectives of the ADB Group are to mobilize resources for economic and social development of African countries. The Group comprises the African Development Bank, African Development Fund (ADF) and the Nigerian Trust Fund (NTF). The ADF which was established in 1973, became operational in 1974 to provide concessionary loans and grants for projects and programmes as well as technical assistance for studies and capacity-building in low-income regional member countries (RMCs), all of which are aimed at poverty reduction. The NTF, on the other hand, is a special fund initiated by the Government of Nigeria in agreement with the ADB in 1976, also to support low-income RMCs for concessionary financing. An initial capital of US$80 million was provided, which was replenished with another sum of US$71 million in 1982.

Available information indicates that the Bank has approved a total of 3,007 loans and grants worth 34 billion UA or US$53 billion between 1967 and 2004. In recent times, Nigeria has benefited from the operations of the ADB. These include a credit support to Zenith Bank under the Private Sector window for project financing, corporate finance, implementation of Basel 2 framework and environmental risk assessment. The Bank has also approved the sum of N635.44 million for strengthening institutions to support rural and agricultural development in Nigeria under the National Economic Empowerment and Development Strategy (NEEDS).

The ADB Group has a Board of Governors, Board of Directors, a President and five Vice-Presidents. The Honourable Minister of Finance and the Director, Africa and Bilateral Economic Relations Department in the Ministry of Finance stand as Nigeria’s Governor and Alternate Governor in the Board of Governors. Mr. Donald Kaberuka who is the 7th elected President of the ADB Group, assumed office on September 1, 2005. The Headquarters of the ADB Group is in Abidjan, Cote d’Ivoire; however, owing to political instability in the country, the Headquarters temporarily relocated to Tunis in 2003.

Visit the AFDB website - http://www.afdb.org/
Visit the AACB website - http://www.aacb.org
Visit the World Bank Website - http://www.worldbank.org
Visit WAIFEM website - http://www.waifem.org/
Visit the ECOWAS website - http://www.ecowas.int/
Visit the WAMI website - http://www.wami-imao.org/
Visit WAMA website - http://www.wama-amao.org/
Visit NEPAD website - http://www.nepad.org/
The IMF website - http://www.imf.org
Read Frequently Asked Questions (FAQs) on Monetary Policy
Facts : 1/1/1900
BOFIA:In 1991, the Bank s and Other Financial Institutions Act (BOFIA) formerly BOFI was promulgated to replace the CBN Act of 1958 and the Banking Decree of 1969 (including later amendments). The policy brought the non-bank financial intermediaries under the supervision of Central Bank of Nigeria.
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Related Links

Other Related Institutions

Nigerian

  1. Bureau of Public Enterprises (BPE)
  2. Federal Ministry Of Finance
  3. Federal Office of Statistics (Email)
  4. National Assembly (Email)
  5. National Insurance Corporation (NAICOM)
  6. National Planning Commission
  7. Federal Ministry of Commerce
  8. Federal Ministry of Foreign Affairs
  9. Ministry of Cooperation & Integration in Africa
  10. National Maritime Authority
  11. National Orientation and Public Affairs, The Presidency
  12. Nigerian Communications Commission
  13. Nigerian Corporate Affairs Commission
  14. Nigerian Deposit Insurance Corporation (NDIC)
  15. Nigerian Investment Promotion Commission
  16. Nigerian National Petroleum Corporation
  17. Nigerian Postal Services
  18. Security & Exchange Commission (SEC)
  19. The Government of Nigeria On-line
  20. The Nigerian Stock Exchange
  21. The Chartered Institute of Bankers of Nigeria
  22. Nigerian Export - Import Bank NEXIM
  23. All Banking Institutions (including Banks, BDCs, etc) in Nigeria
  24. National Identity Management Commission

International Organisations

  1. Proposed African Finance Cooperation (AFC)
  2. United Nations Economic Commission For Africa (UNECA)
  3. The Association of African Central Banks (AACB)
  4. The Economic Community of West African States (ECOWAS)
  5. African Development Bank (ADB) Group
  6. International Monetary Fund (I.M.F).
  7. Bank for International Settlement (B.I.S).
  8. Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO)
  9. The World Bank
  10. UNDP Nigeria
  11. Nigeria at the IMF
  12. West African Monetary Institute (WAMI)
  13. West African Monetary Agency (WAMA)
  14. West African Institute for Financial & Economic Management (WAIFEM)
  15. The New Economic Partnership for African Development (NEPAD)
  16. Group of Seven & Eight (G7/G8)
  17. Developing Eight Countries (D-8)
  18. Group of 77 (G-77)
  19. Group of (G-15)

Trade & Investment With the USA

  1. Africa Growth & Opportunity Act:
    (at the U.S. Trade Representative Office)
  2. Eximbank
  3. Overseas Private Investment Corporation
  4. Trade & Development Agency
  5. U.S. Commercial Service, U.S.A.
  6. U.S. Commercial Service, Nigeria
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