Press "Enter" to skip to content

AfDB approves 288.5 mln USD to support Nigeria’s COVID-19 response

South Sudan NEWS PORTAL

Internally displaced families receive food items from Nigeria’s Victims Support Fund, as the authorities struggle to contain the coronavirus disease (COVID-19) outbreak, in Abuja, Nigeria April 14, 2020. REUTERS/Afolabi Sotunde

The African Development Bank (AfDB) on Saturday said it has approved 288.5 million U.S. dollar loan to help Nigeria tackle the COVID-19 pandemic and mitigate its impact on people and businesses.

In a statement made available to Xinhua in Lagos, the bank said the loan will bolster the government’s plans to improve surveillance and response to COVID-19 emergencies, ease the impact on workers and businesses and strengthen the social protection system.

Nigeria, Africa’s most populous nation and the continent’s largest oil producer, is facing twin crises — a health epidemic caused by COVID-19, and an economic crunch largely occasioned by a global oil price plunge.

S.Sudan NEWS PORTAL:  Three held at Blue Nile protest

As of Friday night, the west African country reported 11,844 cases, 3,696 recoveries and 333 deaths.

The loan is the bank’s initial response to help Nigeria mitigate the slump in oil prices and its impact on the national economy, according to the bank.

“The proposed program will ensure that the fiscal position and the economy are sufficiently supported to weather the COVID-19 shocks, thereby limiting its potential adverse impact on livelihoods and the economy more generally,” said Ebrima Faal, senior director of the AfDB for Nigeria.

S.Sudan NEWS PORTAL:  Addis talks fail, Kiir to consult his gov’t on IGAD proposal

Faal said beyond the country’s immediate economic recovery needs, the bank and other development partners, will dialogue with Nigerian government on proposals for medium-term structural reforms to diversify and boost domestic revenues away from the oil sector.

Original full article available on the website → Africa Live – CGTN Africa

Credits : Africa Live – CGTN Africa (https://africa.cgtn.com) → Author : South Sudan PRESS REVIEW

Publishing and Aggregation by : South Sudan NEWS PORTAL
Permission : Central Press Syndicate South Sudan
Facebook : South Sudan NEWS PORTAL

We respect the intellectual property rights of our news sources and expect our users to do the same. We may provide links to external news sources from time to time, but any trademarks, logos, photographs and videos remain their copyrighted works. If you feel our website violates fair use or infringes on your copyright, inform us immediately for redress.

S.Sudan NEWS PORTAL:  Lawyer blasts charges in toddler’s cruise ship death

The Central Press Syndicate of South Sudan publishes articles related to South Sudan from press wires, verified social media sources and Google news, thereby centralizing South Sudanese news from all over the web, in an easy to read format.

↓↓↓

Read related stories with similar tags below:

Be First to Comment

Leave a Reply