In another boost to the Nigerian economy, the board of the African Development Bank (AfDB) has approved the sum of $600 million to support the Nigerian economy.

This was revealed by the President of AfDB, Dr. Akinwumi Adesina, monday while fielding questions from journalists at the 11th African Economic Conference in Abuja.

Adesina said: “As far as the AfDB is concerned, we had said that we are going to consider a billion dollars to support Nigeria when I visited the president and already that has gone to the board and $600 million has been approved by our board just a month ago for Nigeria to support its economic governance.

“The $600 million is going to help in many ways to stabilise the naira. It is also going to help the government to support the very much needed reforms in the agricultural sector in terms of different agricultural policy reforms and also in the energy sector that is very fundamental to how you grow the economy and come out of recession.”

On how Nigeria will emerge from its current recession, he said the AfDB would provide support to the private sector, adding that the “Bank continues to make significant amounts of support in the private sector, they are investing in banks, we are giving them quite a lot of financial support trying to keep them afloat in this very tough period”.

He added that Nigeria had taken some tough policy decisions, stating: “I think the government has taken some tough policy decisions with the removal of subsidy on petrol and the naira was also allowed to devalue.”

He observed, however, that there was still a problem with regard to the foreign exchange market
“There are still a number of issues to be sorted out. We have got to have the monetary policy and the fiscal policy regime sorted out so as to be able to stabilise the naira and provide sufficient amount of access to foreign exchange for those that want to bring in machinery equipment or materials,” he said.

Adesina was optimistic, nonetheless that as these policy instruments are sorted out, Nigeria would be in a good position to significantly attract some amount of foreign direct investment, which it needs.

sarrki:
Nice one

I trust pmb

He will use it well

Wailers food is ready

BeeBeeOoh:
YES! Like the way he managed N2.8bn when he was the PTF chairman right??



If I must advise you brother, stop disgracing yourself or making yourself an object of mockery here. YUCK!!

sarrki:


Guy chill

It's because of Gej you are against

Every policy of pmb

Gej was a total mistake 

If not for Nigeria 

Gej first degree Animal science 

Masters fisheries 

PhD zoology 

Are we wildlife park ?

OZAOEKPE:
money to cut grass for aso rock

BeeBeeOoh:
Guy stop behaving like a bush man from a bush area, please stop showing the public how shallow your mind is, it tells no good of you.. #haveawonderfulday

malel1:

U and PMB na mugu

sarrki:


Guy chill

It's because of Gej you are against

Every policy of pmb

Gej was a total mistake 

If not for Nigeria 

Gej first degree Animal science 

Masters fisheries 

PhD zoology 

Are we wildlife park ?

sarrki:
Nice one

I trust pmb

He will use it well

Wailers food is ready

sarrki:



Mr town man

All just for hatred for buhari

He's the commander in chief

N so shall it be

No one is as shallow minded like wailers

They never see anything good on pmb

Morning