We’ve Not Called Off Nigeria’s $600m Loan, African Development Bank Insists

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The African Development Bank (AfDB) has made a public announcement that it had not called off the loans it granted Nigeria.

Recall that the AfDB had in November 2016 approved a $600m loan to enable Nigeria cope with the stiff economic situation in Nigeria which was necessitated by the decline in global oil prices.

Denying the claims, the AfDB’s Director, Communication and External Relations, Dr. Victor Oladokun said earlier today, Tuesday, October 31, said that the false news was credited to AfDB Vice-President for Power, Energy, Climate and Green Growth Amadou Hott and reported by Reuters.

The statement stated in parts –

“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. 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 $600m 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 $400m 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.

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

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