AfDB Backs FG’s Economic Recovery Plan

Hamilton Nwosa
Writer
Akinwunmi Adesina

Ad

Nigeria at 65: Atiku blasts Tinubu, says he is “unbothered” about Nigerians

By Abiola Olawale As Nigeria marks its 65th Independence Day today, October 1, 2025, former Vice President Atiku Abubakar criticised President Bola Tinubu’s leadership, accusing him of abandoning the people. Atiku described the nation as a “giant moving painfully slow on the feet of clay,” blaming decades of mismanagement and what he called the current…

Dangote Refinery to Redeploy 800 Sacked Workers Amid Union Dispute, FG Confirms

By Abiola Olawale The Federal Government has announced that it has been able to broker an agreement between the Dangote Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN). In a statement issued on Wednesday in Abuja, the Minister of Labour and Employment, Dr Mohammed Maigari Dingyadi, confirmed that Dangote will…

Tinubu Hails Reforms, Defends Subsidy Removal in 65th Independence Day Address

By Obinna Uballa President Bola Ahmed Tinubu on Wednesday used his Independence Day broadcast to highlight his administration’s achievements in the last 28 months, insisting that Nigeria has “turned the corner” and is on a path to sustainable growth. In his nationwide address to mark Nigeria’s 65th Independence anniversary, Tinubu defended the removal of fuel…

Ad

The African Development Bank (AfDB) has commended the Federal Government’s Economic and Growth Recovery Plan (EGRP), while denying a report that the bank has called off loans to Nigeria.

A statement on the bank’s website on Tuesday, denied the loan cut off credited to AfDB’s Vice-President for Power, Energy, Climate and Green Growth, Mr Amadou.

The bank also commended the Federal Government’s efforts to stem corruption and strengthen fiscal consolidation and efficiency in the country.

According to the statement, in November 2016, the Board of the African Development Bank approved a 600 million dollars loan to support Nigeria’s efforts to cope with macro-economic and fiscal shocks that arose from the massive decline in price of crude oil.

“An additional 400 million dollars 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 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

“The AfDB 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.

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

The News Agency of Nigeria recalls that some sections of the media reported that the bank had cancelled proposed the 400 million dollars loan to Nigeria.

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp