Nigeria gets big chunk of $328 billion fund

folarin okunola

December 7, 2015 3:03 PM

Countries that received more than 70 percent of funding from DFIs over a five-year period till 2014 include Nigeria, South Africa, Egypt, Morocco, Kenya, Ethiopia and Ghana.

President Muhammadu Buhari in South Africa

According to various media reports, Nigeria increased its share of funding from development funding institutions (DFIs) significantly over a five-year period leading to 2014, highlighting its economic potential as well as a need for infrastructure.

For similar reasons, Ethiopia also got a much more significant amount of funding than ountries that are much larger than it.

Countries that received more than 70 percent of funding from DFIs over a five-year period till 2014 include Nigeria, South Africa, Egypt, Morocco, Kenya, Ethiopia and Ghana.

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Development capital funding for African countries as regards infrastructure totaled about $328 billion between 2009 and 2014 – which amounts to about $54 billion a year, according to a report from law firm Baker & McKenzie and the Economist Corporate Network.

Over 67% of the DFI-funding approvals were made by four institutions: The World Bank and bodies related to it, Development Bank of Southern Africa (DBSA), African Development Bank (AfDB), and Agence Française de Développement (AFD).

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