AfDB denies calling of $400m loan to Nigeria.

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The African Development Bank (AfDB) has refuted reports 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 Bank, in a statement released on Tuesday by its Director, Communication and External Relations, Dr. Victor Oladokun, stated 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,” the statement said.

The statement stressed the bank’s continued support to the Federal Government’s Economic and Growth Recovery Plan and efforts to stem corruption and strengthen fiscal consolidation and efficiency.

“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,” it said.

“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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