“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.” AFDB Nigeria Covid19
The loan will 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, said a statement from the Bank’s Headquarters in Abidjan, Cote D’Ivoire, yesterday.
The loan is the Bank’s initial response to help mitigate the slump in oil prices and its impact on the national economy. “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,” Ebrima Faal, Senior Director of the African Development Bank for Nigeria said.
Faal said beyond the country’s immediate economic recovery needs, 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.
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