AfDB approves $288.5m loan to support Nigeria’s COVID-19 fight

External Borrowings

Posted  221 Views updated 2 months ago

L-R: African Development Bank President, Akinwunmi Adesina and President Buhari

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The Board of Directors of the African Development Bank (AfDB) has approved a $288.5million loan to help Nigeria tackle the COVID-19 pandemic and mitigate its impact on people and businesses.

 

NEWS FLAKES NG reports that the loan is expected to bolster the federal government’s plans to improve surveillance and response to COVID-19 emergencies, ease the impact on workers and businesses and strengthen the social protection system.

 

READ ALSO: Obasanjo writes ex-African leaders, rallies support for AfDB’s Adesina >>> https://www.newsflakes.com.ng//news/obasanjo-writes-ex-african-leaders-rallies-support-for-afdb-s-adesina-1216

 

According to a statement from the AfDB on Saturday, June 6, Nigeria will also be supported to curtail oil price shocks.

 

Ebrima Faal, senior director for the AfDB in Nigeria, said: “The bank will also support Nigeria to address economic shocks associated with the COVID-19 pandemic and oil price shocks by focusing our interventions in sectors that will strengthen public health infrastructure and accelerate efforts towards economic transformation and diversification of export earnings and fiscal revenues from oil.”

 

[READ ALSO] Adesina: Nigeria as largest shareholder, not US should decide issues in AfDB — Diaspora group >>> https://www.newsflakes.com.ng//news/adesina-nigeria-as-largest-shareholder-not-us-should-decide-issues-in-afdb-diaspora-group-1311

 

The AfDB says it will also be supporting infrastructure development and promoting social inclusion through agribusiness and skills development as key priority areas for Nigeria.

 

It said the priorities have been selected to leverage Nigeria’s rich endowment of natural and human resources toward transforming the lives of its people.

 

READ ALSO: Senate approves Buhari’s fresh $5.513bn loan request >>> https://www.newsflakes.com.ng//news/senate-approves-buhari-s-fresh-5-513bn-loan-request-1317

 

The bank is also expected to deploy a combination of sovereign and non-sovereign financing instruments to support the two priority areas, including investment and institutional support projects.

 

The AfDB had provided similar loans to low-income ECOWAS nations – Gambia, Mali and Niger.

 

NEWS FLAKES NG further gathered that last month, the AfDB approved a loan of 88 million euros to Senegal in support of the costs of its national COVID-19 economic and social resilience programme.

 

Meanwhile, the Centre for Democracy and Development (CDD) has released a report on its assessment of the Buhari's administration’s handling of the Nigerian economy in the last five years.

 

According to the report, the federal government borrowing has grown by more than 100 per cent since 2015.

 

 

 

 

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