The African Development Bank (AfDB) has said it was encouraged by the economic recovery of Nigeria from recession, and has saluted the government’s efforts toward diversification of the country’s economy.The bank on Tuesday said it strongly supported the Economic and Growth Recovery Plan of the government and efforts to stem corruption and strengthen fiscal consolidation and efficiency.
“The Bank assures the Nigerian Government of its full support for its continued reforms to diversify the economy and boost economic growth and development,” it said.
The AfDB denied withdrawing approval for a US$600 million loan for Nigeria, and praised the country’s Economic and Growth Recovery Plan (EGRP). Reports trending say the bank had cancelled a proposed loan to Nigeria.
The loan was meant to assist Nigeria’s macro-economic and fiscal policy which had been suffering following the slump in oil price.
The bank posted on its website on Tuesday Nigeria’s efforts to stem corruption and strengthen fiscal consolidation and efficiency was in tandem with the direction of the bank.
According to the bank, the loan was approved in November 2016 by its board to support Nigeria’s efforts to cope with macro-economic and fiscal shocks that arose from the massive decline in price of crude oil.
“An additional 400 million dollars 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.
“The African Development Bank wishes to categorically refute 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.”
