The African Development Bank (AfDB) last night said it might consider an additional $400 million for Nigeria to support its growth and recovery efforts and was in talks with the Nigerian Government on how to help it strengthen its economy.
Officials of the AfDB had been in talks with Nigeria for around a year to lend $400 million, the second tranche of a $1 billion loan, to shore up the country’s budget deficit.
You may recall that the Vice President at the bank for power, energy, climate change and green growth , Amadou Hott, said on Monday that the money was no longer for budget support and would instead be redirected to specific projects.
But in a statement on Tuesday, the bank said:
“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.”
