Nigeria Secures $288.5m African Development Bank Loan

- Klopp Speaks on Possible Salah Exit - February 28, 2021
- Why We Arrested Sacked Gov. Ganduje’s Aide – DSS - February 28, 2021
- My Govt. Will Never Legalise Same-sex Marriage – President of Ghana - February 28, 2021
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
This post was written by Nwolu Obiajulu.
The views expressed here belong to the author and do not necessarily reflect our views and opinions.
Leave a Reply
#Popular in this month
Most Popular
-
1Nigeria: Underage Voters are Registered Because Registration Officers’ Lives are Threatened – INEC
-
2Nigerian Government Approves Phased reopening of Schools
-
3Sack Service Chiefs Now, Norther Elders ask Buhari
-
4CBN’s Targeted Credit Facility for Covid-19 – Fraud or Incompetence?
-
5Nigeria Secures $288.5m African Development Bank Loan
-
6South Africa: Girl School’s Naked Cultural Performance Sparks Outrage
-
7Security: Family and Friends Mourn as Father of Two is Killed by a Stray Bullet in Lagos
Adsterra
More News...
-
Nigerians React as Singer Davido is Spotted with M...
About Latest Posts Nwolu ObiajuluObiajulu... read more »
-
My $1.9 Billion in Minnesota Bank – Femi Adesina
About Latest Posts Nwolu ObiajuluObiajulu... read more »
-
Fireboy Bags Five Awards at 2021 Headies Awards (S...
About Latest Posts Nwolu ObiajuluObiajulu... read more »
-
I Didn’t Plan to Have Kids out of Wedlock – Flavou...
About Latest Posts Nwolu ObiajuluObiajulu... read more »
-
NIN Mandatory for Bank Account Opening, Voter Regi...
About Latest Posts Nwolu ObiajuluObiajulu... read more »
-
NIN Compulsory for Bank Accounts, Voter Registrati...
About Latest Posts Nwolu ObiajuluObiajulu... read more »
-
Plans Underway to Replace BVN with NIN – FG
About Latest Posts Nwolu ObiajuluObiajulu... read more »
Your comment?