The African Development Bank (AfDB) is set to assist Nigeria with a $1 billion to help finance the 2016 Budget, especially in cushioning the effects of the economic recession.
The President of the bank, Dr. Akinwumi Adesina, who said this after his visit to Vice President, Professor Yemi Osinbajo, at the Presidential Villa on Monday said the bank will also provide another $4.1 billion dollar support to Nigeria in many other areas including power, agriculture, infrastructure development and private sector business expansion.
Dr Adesina, who said his visit is hinged on the fact that Nigeria remains the largest shareholder of the bank, said the country is currently facing a difficult time because of the fall in oil price.
He further maintained that the federal government is taking the necessary steps to address the problem, which the bank will now step in to overcome.
He said Nigeria is not in a debt crisis and will therefore bounce back stronger and more diversified from the recession.
He further noted that the bank’s portfolio in Nigeria will increase in Nigeria to more than $10 billion dollars over the next three years.
