New Telegraph

AFC invests $1.6bn in over 20 Nigerian projects

Africa’s leading infrastructure solutions provider, Africa Finance Corporation (AFC), has, recently, invested $1.6 billion in over 20 projects in Nigeria. Disclosing this yesterday in Lagos, the President/Chief Executive Officer of the Corporation, Mr. Samaila Zubairu, said the amount was from the current $8.6 billion balance sheet of the outfit.

Subairu, who briefed the media on current developments in the organisation as part of activities to mark the Corporation’s 15th Anniversary Country and Stakeholder Symposium, said the financial institution was involved in some major projects including the gold mine in Osun State as well as the Kano-Maradi rail project.

On the Corporation’s activities, he said it recorded outstanding performance in its latest full-year earnings, driven by high impact investments and its strong credit profile. According to the CEO, “despite the pandemic and commodity-driven headwinds impacting AFC’s operating environment, the Corporation saw its annu-al profits increase by 26.6 per cent to $209.7 million in 2021, passing the $200 million mark for the first time in its 15-year history, from $165.5 million in 2020. Total assets rose by 16.3 per cent to a record $8.56 billion.

“The dramatic increase can partly be attributed to investments in high impact assets in targeted sectors across Africa. The Corporation leveraged on its investment- grade credit rating and reputation to mobilise finance from international markets to help reduce Africa’s infrastructure deficit.

“This has been a year of solid progress in our core objectives of building value to Africa’s economies through instrumental infrastructure driving growth and job creation,” said Zubairu. He further noted that AFC’s reach on the continent was now larger than it has ever been, with investments expanding to 35 countries and cumulative disbursements rising by 14 per cent to $9.9 billion (2020: $8.7 billion). AFC increased member states by five to 33, with the accession of Burkina Faso, Democratic Republic of Congo, Egypt, Morocco and Niger.

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