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Corona Virus: AFDB loans to Nigeria almost 300 million Dollars

The African Development Bank(AfDB) has loaned Nigeria just over $288m (£227m) to help it deal with the impact of the coronavirus pandemic.

The Nigerian finance minister warned last month that Nigeria’s economy – Africa’s largest – could shrink by up to 9%.

It’s suffered a big hit from the global slump in oil prices in recent months.

There have been proposals to reduce basic healthcare spending by almost half, and make significant cuts to the education budget.

In April, Nigeria received an emergency package worth about $3.4bn from the International Monetary Fund (IMF), to help support the economy during the pandemic.

Source:BBC News

Dr Akinwumi Adesina

Dr. Akinwumi Adesina

About the author

Joseph Chukwuma Oputa

Joseph Chukwuma Oputa is the Managing Editor of Maslow Businessnews and Physicians News publications published by Maslow Business News Publications, Lagos, Nigeria.

Joseph Oputa is a proud Alumnus of the prestigious Nigerian Institute of Journalism, Lagos and Federal Polytechnic, Bida, Niger State.

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