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African Development Bank supports Nigerian Government’s economic recovery efforts

An aerial view of Lagos, Nigeria in 2008. (Image source: Robert Prather/Flickr)

The African Development Bank has stated that it wishes to categorically refute the 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 has said that 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 Board of the African Development Bank approved a US$600mn 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 US$400mn 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 African Development Bank 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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