The African Development Bank (AfDB), has refuted the statement in Reuters report credited to it’s Vice – President for Power, Energy, Climate and Green Growth, Amadou Hott, that it has called off loans to Nigeria.
In a statement issued on its behalf by APO Group, made available to The Next Edition, the bank said it was in consultation with the government on how best to continue it’s support for it’s laudable Economic and Growth Recovery Plan through investment projects that would help address existing structural challenges including infrastructure, power, agriculture and support to boost private sector and job creation.
The statement reads in part: “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 Amadou Hott.
“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 also strongly supports the Economic and Growth Recovery Plan of the Government and efforts to stem corruption and strengthen fiscal consolidation and efficiency.”
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In the statement, the bank noted that its board had in November 2016, 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.
It also added that 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.
It therefore assured the Nigerian Government of its full support for its continued reforms to diversify the economy and boost economic growth and development.
Reuters had in a report on Monday said the African Development Bank had called off its loan to Nigeria quoting Amadou Hott as saying “Rather than loan Nigeria money to fund its budget, the African Development Bank is likely to take at least some of that money and put it directly into projects.
“It’s hundreds of millions of dollars, just in one go, that we were supposed to provide in budget support, but we will move into real projects.”
