AfDB Restates Support For Nigeria’s Economic Reforms, Diversification

AfDB Restates Support For Nigeria’s Economic Reforms, Diversification

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Post Views: 652 Contrary to widely circulated report the previous day, the African Development Bank (AfDB), on Tuesday “categorically” refuted news cr...

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Contrary to widely circulated report the previous day, the African Development Bank (AfDB), on Tuesday “categorically” refuted news credited to AfDB Vice-President for Power, Energy, Climate and Green Growth Amadou Hott, that it has “called off loans to Nigeria.”
Expressing “full support for its continued reforms to diversify the economy and boost economic growth and development,” the group recalled that its board had in November 2016 approved a $600m loan to help Nigeria cope with macroeconomic and fiscal shocks arising from the massive decline in price of crude oil for which it depends for a significant portion of its yearly revenue.
Instead, the statement pasted on its website and signed by Dr. Victor Oladokun, said the bank could consider an additional $400m, should Nigeria request and such is approved by its board, “as part of a larger coordinated effort with other development partners, including the World Bank and the International Monetary Fund.”
AfDB said it is encouraged by the recovery of Nigeria’s economy from recession, for which it saluted efforts of the President Muhammadu Buhari administration to diversify away from oil.
It made particular reference to the Economic and Growth Recovery Plan (ERGP) launched in February, as well as efforts to stem corruption, strengthen fiscal consolidation and enhance efficiency.
The AfDB, the statement continued, “is in consultations with the 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.”

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