• Contact Us
  • About Us
Wednesday, February 1, 2023
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
Home News

Nigeria gets $600m loan from ADB

metro by metro
November 3, 2016
in News
0
Akinwumi Adesina

Akinwumi Adesina

0
SHARES
0
VIEWS
Nigeria has secured a $600m loan from the African Development Bank for budget support, the first breakthrough for the cash-strapped government in 10 months of efforts to borrow abroad to plug its budget deficit.
Perhaps more than any other commodities-exporting nation in Africa, Nigeria is reeling from the impact of low oil prices, writes Maggie Fick in Lagos. It is headed for its first full-year recession in more than 20 years, and is facing calls from the IMF and World Bank to push through further reforms.
The FT reported last month that these discussions have held up any agreement on a loan from World Bank — now seen as not possible until next year.
The ADB loan is part of a total $1bn in budget support, the rest of which will be disbursed early next year if reforms are implemented, the bank said in a statement. The funds “will assist the country’s efforts to quickly build a buffer of foreign exchange reserves, which would contribute to easing pressure on the foreign exchange market and stabilizing the naira.”
Nigeria has been trying for months to borrow externally to implement the $30.6bn budget for 2016, its largest ever, because it wants to spend heavily on infrastructure projects to revive the economy.
The ADB board’s sign-off on the first tranche came after the bank’s president, Akinwumi Adesina, pledged last month to seek approval for a loan.
He said in a statement on Wednesday.

Read Also

Banks Will Continue To Accept Old Naira Notes After Deadline – Emefiele 

Again, INEC Extends Deadline For PVC Collection Nationwide

CBN Under Statutory Obligation To Redeem Old Banknotes After January 31-NBA

Previous Post

Oil prices find floor after falls on supply glut woes

Next Post

Insurers play caution on bond guarantee as default risks rise

Related Posts

CBN
Breaking

Banks Will Continue To Accept Old Naira Notes After Deadline – Emefiele 

January 31, 2023
Again, INEC Extends Deadline For PVC Collection Nationwide
Breaking

Again, INEC Extends Deadline For PVC Collection Nationwide

January 28, 2023
CBN Under Statutory Obligation To Redeem Old Banknotes After January 31-NBA
Breaking

CBN Under Statutory Obligation To Redeem Old Banknotes After January 31-NBA

January 28, 2023
Godwin Emefiele
Breaking

House Of Representatives Speaker Threatens To Issue Warrant Of Arrest On Emefiele

January 26, 2023
Next Post
Insurers play caution on bond guarantee as default risks rise

Insurers play caution on bond guarantee as default risks rise

Naira Redesign: El-Rufai Exonorates Emefiele 

Naira Redesign: El-Rufai Exonorates Emefiele 

February 1, 2023

Safeguarding democracy: why digital transformation of the electoral process is critical

January 31, 2023
CBN

Banks Will Continue To Accept Old Naira Notes After Deadline – Emefiele 

January 31, 2023
ADVERTISEMENT
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version