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The African Development Bank (AfDB) has approved the sum of $600 million to support Nigeria’s dwindling economy.
AfDB president, Akinwumi Adesina, confirmed the loan approval while fielding questions from journalists at the 11th African Economic Conference in Abuja.
“As far as the AfDB is concerned, we had said that we are going to consider a billion dollars to support Nigeria when I visited the president and already that has gone to the board and $600 million has been approved by our board just a month ago for Nigeria to support its economic governance.
“The $600 million is going to help in many ways to stabilise the naira. It is also going to help the government to support the very much needed reforms in the agricultural sector in terms of different agricultural policy reforms and also in the energy sector that is very fundamental to how you grow the economy and come out of recession,” Adesina said.
Nigeria is currently in a recession after the report from the last quarter showed a contraction of 2.06 sending Africa’s biggest economy into a recession after a decline in the first quarter.
In the third quarter of 2016, the nation’s Gross Domestic Product (GDP) contracted by -2.24% (year-on-year) in real terms.
This was lower by 0.18% points from growth recorded in the preceding quarter and also lower by 5.08% points from growth recorded in the corresponding quarter of 2015.
AfDB president, Akinwumi Adesina, confirmed the loan approval while fielding questions from journalists at the 11th African Economic Conference in Abuja.
“As far as the AfDB is concerned, we had said that we are going to consider a billion dollars to support Nigeria when I visited the president and already that has gone to the board and $600 million has been approved by our board just a month ago for Nigeria to support its economic governance.
“The $600 million is going to help in many ways to stabilise the naira. It is also going to help the government to support the very much needed reforms in the agricultural sector in terms of different agricultural policy reforms and also in the energy sector that is very fundamental to how you grow the economy and come out of recession,” Adesina said.
Nigeria is currently in a recession after the report from the last quarter showed a contraction of 2.06 sending Africa’s biggest economy into a recession after a decline in the first quarter.
In the third quarter of 2016, the nation’s Gross Domestic Product (GDP) contracted by -2.24% (year-on-year) in real terms.
This was lower by 0.18% points from growth recorded in the preceding quarter and also lower by 5.08% points from growth recorded in the corresponding quarter of 2015.
