AfDB says 'll continue to support Nigeria reforms

The African Development Bank (AfDB) has reiterated its continued support for the government of Nigeria and its economic reform programme.

The bank in a statement on Tuesday said it was encouraged by the economic recovery of Nigeria from a recession and lauded 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," it said in the statement meant to refute publications claiming that the bank had cancelled a budget support loan to the government of the West African country.

Last November, the Board of AfDB approved a $600 million loan to support Nigeria's efforts to cope with macroeconomic and fiscal shocks that arose from the massive decline in the 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 bank said it was in consultations with the government on how best to continue its support for its Economic and Growth Recovery Plan through investment projects that will help address existing structural challenges, including infrastructure, power, agriculture and support to boost the private sector and job creation.
The Bank pledged its support for the government reforms programme to diversify the economy and boost economic growth and development.