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Published On: Fri, Nov 3rd, 2017

ADB refute cancellation of $400M loan to Nigeria

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By Johnson John

The Africa Development Bank (ADB) has refuted the earlier claims of cancelling the $400million loan to Nigeria and her strongly in support of the Economic Recovery Growth Plan (ERGP).
The Director of Communication and External Relations of Africa Development Bank (ADB), Mr. Victor Oladokun said in a statement that they are in full support to ERGP and its effort to strengthen fiscal consolidation and efficiency and curtail corruption.
“The bank wishes to categorically refute statement that it has called off loans to Nigeria, as reported by Reuters and credited to Vice President Amadou Hott.”
He said ADB is encouraged by the economic recovery of Nigeria from recession and salutes the government’s efforts towards diversification of the economy.
Mr. Oladokun also addressed further that apart from the $600million loan by the board of African Development Bank (ADB), an additional $400million loan support could be considered to support Nigeria’s economy.
He said the board approved the $600million loan in November 2016 as an effort to meet-up with macroeconomic and fiscal shocks that arose from the massive drop in crude oil price.
“The $400million support requested for, could be approved by the Africa Development Bank (ADB) board with other coordinated effort from International Monetary Fund (IMF) and World Bank.”
In an added statement by the director, he said the bank is in talk with Government on how to support Nigeria’s creditable economy and growth recovery plan through investment project that will help address existing structural challenges in agriculture, power, job creation and other sectors.
The bank assures Nigeria government of support for continuity to diversify its economic growth and development.

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