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AfDB refutes calling off loans to Nigeria, says it supports ERGP

Barely 24 hours after it was widely reported that African Development Bank (AfDB) has called off delivery of $400m loan to Nigeria, the bank has refuted the news first broken by Reuters, saying it strongly supports Nigerian Government’s economic recovery efforts.

The trended news was credited to AfDB Vice-President for Power, Energy, Climate and Green Growth, Mr. Amadou Hott.

In a statement issued on Tuesday, AfDB averred that “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 Recovery and Growth Recovery Plan (EGRP) of the Government and efforts to stem corruption and strengthen fiscal consolidation and efficiency”.

It recalled further that in November 2016, the Board of the African Development Bank 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. An additional $400 million 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.

Already, the bank said it 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.

Accordingly, AfDB assured 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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