The African Development Bank has refuted 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 is highly encouraged by the economic recovery of Nigeria from recession and salutes the Government’s efforts towards diversification of the economy.
The Bank said it also strongly supports the Economic and Growth Recovery Plan of the Government and efforts to stem corruption and strengthen fiscal consolidation and efficiency.
AfDB said in November 2016, the Board of the African Development Bank approved a $600-million loan to support Nigeria’s efforts to cope with macro-economic and fiscal shocks that arose from the massive decline in price of crude oil.
It said an additional $400 million in…
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