The Board of Directors of the African Development
Bank, AfDB, has approved a two hundred and eighty-eight point five
million dollars loan for Nigeria to tackle the COVID-19 pandemic and
mitigate its impact on people and businesses.
A statement from the bank said that the loan 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 Nigerian economy.
The Senior Director of the bank in Nigeria, Ebrima Faal, said the
proposed program will ensure that the fiscal position and the economy
are sufficiently supported to weather the COVID-19 shocks, thereby
limiting its potential adverse impact on livelihoods and the economy
more generally.
Faal said beyond the country’s immediate economic recovery needs, the
bank and other development partners would dialogue with the government
on proposals for medium-term structural reforms to diversify and boost
domestic revenues from the oil sector.
He said the bank has instituted strong fiduciary measures to monitor
the use of COVID-19 funds, and will maintain dialogue, particularly
with the Office of the Auditor General of the Federation to ensure
adherence to the transparency and accountability of the funds.
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