Abu Dhabi Fund for Development (ADFD) has signed an agreement with the Nigerian government to finance the Minna-Bida Road project, its first development project in the fellow OPEC member country.

ADFD said it has allocated 165 million UAE dirhams ($45 million) to support the project, which is expected to stimulate commercial activities and improve transport links between the main cities in the country.

The agreement was signed remotely by Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development; and Zainab Shamsuna Ahmed, Minister of Finance, Budget, and National Planning of Nigeria.

The 82-kilometre road linking Minna, the capital of the state of Niger, with the city of Bida, will feature two 7.3-meter-wide lanes, and reduce travel time by 50 per cent and lower the cost of vehicle operation by 31 per cent, the ADFD statement said.

(Writing by Anoop Menon; Editing by Bhaskar Raj)