Nigeria gets $288.5m from AfDB for COVID-19 response programme

AfDB President Akinwumi Adesina at the launch of Africa Investment Forum in Abidjan
AfDB President Akinwumi Adesina at the launch of Africa Investment Forum in Abidjan

Nigeria gets $288.5m from AfDB for COVID-19 response programme – The Board of Directors of the African Development Bank on Friday approved a $288.5 million loan to help Nigeria tackle the COVID-19 pandemic.

The loan will also help the Nigerian government mitigate the impact of COVID -19 on people and businesses.

According to a statement from the AfDB, “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.”

Nigeria, Africa’s most populous nation and the continent’s largest oil producer, is facing twin crises – a health epidemic caused by COVID-19, and an economic crunch largely occasioned by a global oil price plunge.

As of June 5, the country reported 11,516 coronavirus cases, 3,535 recoveries and 323 deaths.

The loan is the AfDB’s initial response to help mitigate the slump in oil prices and its impact on the national economy.

About 40.1% of Nigerians live below the poverty line of $1.90 per day, and it is feared that the fall in household income during the pandemic will result in wealth deterioration for both the formal and informal sector workers.

Ebrima Faal, Senior Director of the African Development Bank for Nigeria, said “the proposed programme 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.”

AfDB noted that 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.

“But with the advent of the pandemic and the slump in crude prices, the economy is expected to shrink by between 4.4% under a conservative baseline scenario and 7.2% should the pandemic persist to end-2020.

Faal said that “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.”

He added that “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 in Nigeria, to ensure adherence to the transparency and accountability of the funds.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.




About Sam Gabriel 1696 Articles
Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670

1 Comment

  1. GOOD DAY SIR/MA

    HAVE YOU HELD ABOUT RICH CONNECT TRUST INVESTMENT…?

    RICH CONNECT TRUST INVESTMENT is a matrix system which give you DOUBLE of your CAPITAL back in ( 45 Minutes ) after Registrations

    RICH CONNECT PACKAGES
    N20,000——N40,000
    N40,000——N80,000
    N50,000——N100,000
    N100,000—–N200,000
    N150,000—–N350,000
    N300,000—–N600,000
    N200,000—–N400,000
    N400,000—–N800,000
    N500,000—–N1,000,000

    NOTE: we credit your account after 45mins of Your Registeration
    INTRODUCTION
    RICH CONNECT TRUST Investment is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Okafor Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

    07046246360

    ITS SIMPLE HERE!!!!!!!
    We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 100k within 25mins we make profit of 300k then send 200k to you then profit 100k This is not mmm where they merge people to donate for each other
    You pay directly to us and we credit you directly

    Contact Mrs. GOODLUCK TIMOTHY
    07046246360

    NOTE:- YOU GET CREDITED BACK IN LESS THAN 45 MINUTES.

    CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING

    NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem.

1 Trackback / Pingback

  1. BREAKING: Buhari Directs Keyamo to proceed with 774,000 jobs — ProNews Ng

Leave a Reply

Your email address will not be published.


*