Business & Economy

AfDB strongly supports Nigerian’s economic recovery efforts

THE African Development Bank (AfDB)has categorically refuted a statement that it had ‘called off loans to Nigeria’, as reported by Reuters recently and credited to AfDB Vice-President for Power, Energy, Climate and Green Growth, Amadou Hott.

In a statement, the AfDB said it  ‘is highly encouraged by the economic recovery of Nigeria from recession and salutes the government’s efforts towards diversification of the economy. The Bank also strongly supports the Economic and Growth Recovery Plan of the Government and efforts to stem corruption and strengthen fiscal consolidation and efficiency.’

In November 2016, the Bank approved a $600 million loan to support Nigeria’s efforts to cope with macroeconomic and fiscal shocks that arose from the massive decline in price of crude oil. An additional $400 million in support could be considered, if requested and approved by the AfDB Board, as part of a larger co-ordinated effort with other development partners, including the World Bank and the IMF.

The statement said the AfDB is in consultations with the Nigerian government on how best to continue its support for its laudable Economic and Growth Recovery Plan through investment projects that will help address existing structural challenges, including infrastructure, power, agriculture and support to boost private sector and job creation.

The Bank assures the Nigerian of its full support for its continued reforms to diversify the economy and boost economic growth and development.

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