AfDB’s Adesina Tackles Reuters Over ‘False Report’ On Cancelled Loans To Nigeria

President of the African Development Bank, Akinwumi Adesina,  has tackled Reuters over a report that the AfDB “called off loans to Nigeria”.

Adesina, in statement on Tuesday, said the Bank did not cancel any loan request but was rather consulting with the Federal Government on how to best support its Economic and Growth Recovery Plan (ERGP) via investment projects.

The report by Reuters had purported that the AfDB refused to “release the second, $400 million tranche of a $1 billion loan to shore up its budget for 2017,” citing Amadou Hott, the Bank`s Vice-President for Power, Energy, Climate and Green Growth, as its source.

But Adesina refuted the reported, assuring the Nigerian Government of the AfDB’s unwavering support to its efforts towards economic diversification.

“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.

“In November 2016, the Board of the African Development Bank 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.

“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.

“The African Development Bank is in consultations with the Government on how best to continue its support for its laudable Economic and Growth Recovery Plan through investment projects that will help address existing structural challenges, including infrastructure, power, agriculture and support to boost private sector and job creation.

“The Bank assures the Nigerian Government of its full support for its continued reforms to diversify the economy and boost economic growth and development,” he said.