AfDB says strongly supports Nigeria’s economic recovery efforts

AfDB 1

The African Development Bank (AfDB) says it is highly encouraged by the economic recovery of Nigeria from the recession and salutes the Federal Government’s efforts towards diversification of the economy.

The African Development Bank (AfDB) expresses strong confidence in Nigeria's economic successes

The African Development Bank (AfDB) expresses strong confidence in Nigeria’s economic successes

The bank gave the commendation against the backdrop of a news agency’s reports crediting its Vice President, Amadou Hott, as saying the bank had allegedly “call-off loans to Nigeria”.

“The African Development Bank wishes to categorically refute the statement that it has called off loans to Nigeria, as reported by Reuters and credited to AfDB Vice-President for Power, Energy, Climate and Green Growth, Amadou Hott.

“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,” the bank said in a statement e-mailed to The Renaissance on Wednesday in Lagos.

Recalls that in November 2016, the Board of the AfDB approved a $600-million loan to support Nigeria’s efforts to cope with macroeconomic and fiscal shocks that arose from the massive decline in the price of crude oil.

An additional $400 million in support could be considered, if requested and approved by the bank’s board, as part of a larger coordinated effort with other development partners, including the World Bank and the International Monetary Fund.

The African Development Bank is in consultations with the federal government on how best to continue its support for the country’s laudable Economic and Growth Recovery Plan through investment projects that will help address existing structural challenges, including infrastructure, power, agriculture and support to boost the private sector and job creation.

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

By Our Correspondent


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