AFDB approves $288.5, COVID-19 support for Nigeria

The Board of Directors consisting of Set of people included in the African Development Banks (AFDB) approved a $288.5m loan to help Nigeria tackle the Coronavirus pandemic on Friday.

A Statement that was released from the Bank’s Headquarters in Abidjan, Cote D’Ivoire said the loan would bolster government’s plans to improve surveillance and response to COVID-19 emergencies, ease the impact on workers and businesses and strengthen the social protection system

The Senior Director of the African Development Bank for Nigeria, Ebrima Faal said : “The proposed programme will ensure that the fiscal position and the economy are sufficiently supported to weather COVID-19 shocks, thereby limiting its potential adverse impact on livelihoods and the economy more generally,”

Furthermore, Mr Ebrima added on the Budgeted loan that the Bank and other development partners would dialogue with government on proposals for medium-term structural reforms to diversify and boost domestic revenues away from the oil sector