AfDB Approves $288.5m Loan For Nigeria’s COVID-19 Fight
The African Development Bank has approved a $288.5 million loan to help Nigeria tackle the COVID-19 pandemic and mitigate its impact on people and businesses.The loan, according to the bank, will bolster the 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 loan is the Bank’s initial response to help mitigate the slump in oil prices and its impact on the national economy. Prior to the COVID-19 outbreak, Nigeria’s economy was projected to grow by 2.9% of GDP in 2020 and further expand by 3.3% in 2021. Faal said beyond the country’s immediate economic recovery needs, the bank and other development partners will dialogue with the government on proposals for medium-term structural reforms to diversify and boost domestic revenues away from the oil sector.
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