AfDB committed to finance stabilisation in the Lake Chad region – Akinwunmi

The African Development Bank (AfDB) has reaffirmed its commitment to fostering development and stability in the Lake Chad region through innovative financing mechanisms, territorial action plans, and cross-border projects.

Speaking at the 5th Lake Chad Governors’ Forum in Maiduguri, AfDB President Dr. Akinwumi Adesina —represented by Dr. Yaro Balde, Director of AfDB’s Transition States Coordination Office—emphasized the bank’s dedication to aligning its interventions with the region’s evolving needs.

Dr. Balde underscored the significance of government leadership and community ownership in ensuring long-term resilience and peace.

He highlighted AfDB’s ongoing support for territorial action plans (TAPs) in Chad and Niger, which integrate social services, economic empowerment, and infrastructure development.

“The leadership of governments is crucial, but more importantly, these plans must be owned by the communities. Solutions must address the real needs of people, including internally displaced persons (IDPs), refugees, women, and children,” he said.

He stressed the need for inclusive planning, greater engagement with civil society organizations and traditional leaders, and holistic solutions to tackle the region’s complex crises.

Dr. Balde also noted that AfDB has embedded humanitarian, development, and peace-building components into its infrastructure projects, ensuring that investments go beyond physical structures to create jobs and improve essential services.

“For example, when we finance road projects, it’s not just about infrastructure—it’s about fostering socio-economic opportunities for the communities along those roads,” he explained

“In our second strategy phase, we must enhance cross-border interventions, as security and economic activities are deeply interconnected across national boundaries,” Balde said.

Recognizing the link between security and development, the AfDB is spearheading efforts to design new financing mechanisms to address Africa’s security challenges.

According to Balde, Dr. Adesina is leading the creation of a Security Investment Fund, a financial vehicle aimed at supporting conflict prevention, protecting strategic assets, and facilitating post-conflict reconstruction.

He described the Lake Chad region as a critical asset requiring urgent investment to restore its ecological and economic potential while ensuring long-term stability.

“The AfDB remains committed to mobilizing resources for territorial action plans and scaling up its development interventions to promote lasting peace and economic resilience in the region,” he stated.

The Nation reports that the Forum which was declared open yesterday by Vice President Kashim Shetimma is expected to close on Friday 31st January, 2024.