BATTLING A RECESSION
Nigeria bid for loan stalls over failure to submit reform plan
Abuja/Davos — Nigeria’s efforts to secure funds from international lenders to help haul it out of a recession have stalled because it has not submitted the required economic reform plans, according to one of the banks and sources close to the matter. The government has been in loan talks with the World Bank for a year. It had told the lender it would present its proposed reforms to make the economy more resilient and attractive to investment by the end of December, according to western diplomats and a Nigerian official who declined to be named as they are not authorised to speak publicly. But it has not happened and due to the delay, which the government has not explained, the bank has been unable to consider a loan, the sources said. Nigerian Finance Minister Kemi Adeosun declined to comment. The African Development Bank (AfDB), meanwhile, is holding back the second tranche of a $1bn loan for Nigeria, AfDB president Akinwumi Adesina said. "We are waiting for the economic policy rec...
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