AfDB lauds Nigeria economic progress, says no move to call off loans

The management of the African Development Bank has debunked the news making the rounds suggesting that the bank has called off loans to the country.

Rather in a statement issued by the Director, Communication and External Affairs, Dr. Victor Oladokun on Tuesday, the bank lauded the country’s economic recovery efforts as well as its moves towards diversification of the economy.

Oladokun on behalf of the bank debunked a report in popular cable outfit, Reuters that was credited to the bank’s Vice-President for Power, Energy, Climate and Green Growth Amadou Hott.

According to the bank in the statement obtained by the bank on Tuesday, “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.

The board of the bank had approved a $600-million loan to support Nigeria’s efforts to cope with macroeconomic and fiscal shocks that arose from the massive decline in price of crude oil.

But the bank added that another $400 million in support could be considered, if the country desires 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.” The statement added.



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