Nigeria Secures $288.5m African Development Bank Loan

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Nwolu Obiajulu

Obiajulu Nwolu is an established writer at africannewstoday.com. He is passionate about African affairs. He loves writing about interesting facts relating to the African continent and enjoys sharing his knowledge with others.

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Nigerian has gotten approval for $288.5m loan from African Development Bank (AfDB) to cushion the impact of coronavirus and the drop in the price of crude oil.

Africa’s largest economy – Nigeria, has been battling with growing cases of COVID-19 with an infection rate of 12,233 cases and 342 deaths. Coupled with the dwindling price of oil, the country has seen her finances stretched.

The minister of finance, Zainab Shamsuna Ahmed had warned that Nigeria’s economy could take a hit from the pandemic. The country has been battling with the adverse effect of the pandemic, low oil price and effect of lockdown which held sway till recent relaxation.

The loan will reinforce government’s capacity to upscale surveillance and react to COVID-19 emergencies, provide palliatives to the most vulnerable and empower the social protection system.

The Republic of Germany had in April granted a €22.4 million debt to Nigeria as part of support to ameliorate the impact of Corona virus pandemic on the African giant.

Source: BBC Africa