Admin l Tuesday, October 31, 2017
ABIJAN, Côte d’Ivoire – The African Development Bank has categorically refuted statement that it has “called off loans to Nigeria”, as reported in Reuters and credited to AfDB Vice-President for Power, Energy, Climate and Green Growth Amadou Hott.
“The African Development Bank is highly encouraged by the economic recovery of Nigeria from recession and salutes the Government’s efforts towards diversification of the economy”, AFDB said in a statement by Director of Comminication and External Relations, Dr. Victor Oladokun
The bank said it 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 Board of the African Development 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 Board, as part of a larger coordinated effort with other development partners, including the World Bank and the International Monetary Fund”, the bank said.
The African Development Bank said it is in consultations with the Government on how best to continue support for its laudable Economic Growth and 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 assured the Nigerian Government of its full support for its continued reforms to diversify the economy and boost economic growth and development.
