ADB to increase loans to Nigeria by more than $2bn for energy, infrastructure and agriculture
The African Development Bank (ADB) plans to increase its loans to Nigeria by more than $2bn next year with investments in energy, infrastructure and agriculture, its president Akinwumi Adesina said. "The total portfolio we have in Nigeria is $6bn," Adesina said in a January 18 interview in Abuja, the capital. "We expect that by the year 2019, we will grow that into a little bit over $8bn." The Ivory Coast-based lender will pump more than $800m into Nigeria this year, most of which will fund investments in power. Among them is a $250m support to revamp power-transmission lines and electricity sub-stations, as well as fund a $200m solar-power project in Jigawa state in the north, Adesina said. The $400m balance from a $1bn loan for budget support will be disbursed directly to industries identified by the government after projects have been vetted by the bank, he said. Africa’s most populous country, with more than 180 million people, is recovering from its worst economic slump in 25 y...
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