The African Development Bank, AfDB has offered to help Nigeria out of economic recession and dire situation the country is presently in as it expresses readiness to provide the country with over $4 billion dollars loan between 2016 and 2017.
President of the bank and Nigeria’s former agriculture minister, Dr. Akinwumi Adesina who is on his first official visit to Nigeria in his capacity as president of the AfDB says the funds would be used to develop the power and agriculture sectors in the country.
Adesina revealed this during talks with President Muhammadu Buhari in Abuja yesterday. The plan includes; $1 billion of budget support, $300 million to create jobs for 185,000 youths, $250 million towards northeast infrastructure development, and $1 million grant to deal with challenges of internally displaced persons (IDPs),
It also includes $300 million for infrastructure development around Abuja, and $200 million for Transmission Company of Nigeria (TCN) to deepen electricity facilities.
Adeshina also confirm that the AfDB investment in Nigeria will reach $10 billion by 2019
