In a statement signed by Victor Oladokun, AfDB’s Director of Communications and External Relations, the bank said the claim of calling off its loans to Nigeria credited to its Vice President for Power, Energy, Climate and Green Growth, Amadou Hott, was not true.
According to the bank, “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.”
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Emphasizing its endorsement of the government’s management of the economy, AfDB 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 added that it “strongly supports the Economic and Growth Recovery Plan (ERGP) of the government and efforts to stem corruption and strengthen fiscal consolidation and efficiency.”
The bank stated that it was in consultations with the government on how best to continue its support for the ERGP through investment projects which would help address existing structural challenges, including infrastructure, power, agriculture and support to boost private sector and job creation.
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