African Development Bank aims to lend Nigeria $4.1bn for power and Agriculture

The African Development Bank (AfDB) is set to lend Nigeria a total $4.1bn over 2016 and 2017, and $10bn by 2019, its president said on Monday, to help Africa's biggest economy plug its budget gap and develop its infrastructure.

Akinwumi Adesina said he would go to the pan-African lender's board next month to seek approval for a first, $1bn loan to cover this year's deficit as Nigeria grapples with its first recession in more than 20 years.
"The bank is going to provide in total between 2016/2017 $4.1bn to Nigeria in various areas," said Adesina.
"I expect that our portfolio in Nigeria will not decrease -- it will actually grow. We expect to invest in Nigeria, by 2019, a total of $10bn."
Adesina said funds that the AfDB aims to lend over the next two years would be used to develop the power and agriculture sectors in the west African country, aiding a move away from the country's reliance on oil revenue.
Nigeria economy is suffering a downtrend after purging into a recession which arguably caused by downfall in oil price and lack of funds to harness the downed Nigeria economy. The funds will go all way to finance agriculture and improve food productivity which will reduce the cost of foods stuff in the market and ease hardship on the mass.