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Tuesday, October 31, 2017

Calling off loans: AfDB denies report, says bank strongly supports Nigeria

The African Development Bank (AfDB), has denied calling off loans to Nigeria, saying the bank instead is in consultations with the government on how best to continue its support for laudable economic recovery, reports ITRealms.

Director, Communication and External Relations at AfDB, Dr. Victor Oladokun, told ITRealms that the bank categorically refutes 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.

According to Oladokun, 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, he also said, strongly supports the Economic and Growth Recovery Plan of the government and efforts to stem corruption as well as strengthen fiscal consolidation and efficiency.

He pointed out 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 InternationalMonetary Fund,” he said.

AfDB, he insisted 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 further reassures the Nigerian government of its full support for its continued reforms to diversify the economy and boost economic growth and development.

 Remmy Nweke/ED, Ops
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