Home Business AfDB cancels $400 million loan to Nigeria

AfDB cancels $400 million loan to Nigeria

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The African Development Bank has called off a loan to Nigeria that would have helped fund the country’s budget, the Vice-President for Power, Energy, Climate Change and Green Growth, AfDB, Amadou Hott, has said.

He said the bank would likely be redirecting the money to specific projects in Nigeria rather than give to the country to fund its budget. Hott spoke on Monday in an interview with Reuters during a Nordic-African business conference in Oslo, Norway.

The AfDB had been in talks with Nigeria for around a year to release the second tranche of $400 million of a $1 billion loan to shore up its budget for 2017, as the government tried to reinvigorate the stagnant economy with heavy spending. But Nigeria refused to meet the terms of international lenders, including the World Bank, to enact various reforms such as allowing the naira to float freely on the foreign exchange market.

 

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