AfDB approves $600m loan facility for Nigeria

Image result for African Development BankThe African Development Bank’s Board of Directors has approved a $600m loan for Nigeria.

This is coming several months after the Nigeria Government had approached the lender for a budget-support facility.

The loan is meant to help Nigeria plug its budget deficit as the nation grapples with its first recession in more than 20 years.

The $600m loan is the first tranche of a total $1bn budget support package.

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