AfDB approves $600 mln in budget support for Nigeria

The African Development Bank’s board approved a $600 million loan for Nigeria on Wednesday aimed at helping Africa’s largest economy plug its budget deficit as it grapples with its first recession in more than 20 years, a senior bank official said.

The loan is the first tranche of a total $1 billion budget support package. The second disbursement of $400 million is dependent upon the implementation of reforms and is expected early next year, the bank’s Nigeria country director Ousmane Dore said.


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