Follow Naijacrux on twitter .follow us on Twitter www.twitter.com/Naijacrux , or @Naijacrux or search for Naijacrux!!Like us on facebook .Like us at www.facebook.com/Naijacruxforum.Click Here To Last longer In Bed[Stay amused>>>Donít be a one minute Foul]>>> Love need Tips-See how Here


Random Pagan Verse:
It is not forbidden to say, "There is Witchcraft in the land", for the Christians say so themselves
and have made it heresy not to believe so; but always say, "I know nothing of it here, though it may be elsewhere." If any person speaks about the Craft outside of the Circle, say,
"Do not speak of such things -- it frightens me. It is bad luck to talk about such things." Say this for this reason: the Christians have their spies everywhere. These spies have been
known to talk as if they were drawn to the Craft and as if they would want to come to our meetings, and they say such things as, "My fathers and forefathers worshipped the Old Ones, and my mother; I
would like to worship in this way myself." To all of these, tell them that you do not know what they are talking about, and that you wish they would stop. But to others, say,
"It is silly to talk about Witches flying around in the air; they would have to be lighter than feathers or thistle-down. Besides, everyone knows that Witches are all bleary-eyed old hags;
what fun could they possibly have at their meetings, and why should I want to participate? And besides, you know we were taught in school that there are no such things as Witches."
Always make fun of the subject, that we may worship in peace when the persecution ends: let us all work for that happy time. May the blessing of the God and the Goddess be upon all who keep this law.

Author Topic: African Development Bank to bailout Nigeria from Recession  (Read 465 times)

0 Members and 1 Guest are viewing this topic.

Offline mastercode (OP)

  • Global Moderator
  • Hero Member
  • *****
  • Date Registered: Jul 2014
  • Posts: 2491
  • Thanked: 8 times
  • Karma: +0/-0
    • View Profile
    • Naijacrux
African Development Bank to bailout Nigeria from Recession
« on: September 28, 2016, 01:14:54 AM »
Loading...

The African Development Bank has announced that it will seek to bail out Nigeria with a $4.1 billion loan (3.6 billion euros) over the next two years and $10 billion by 2019.

Akinwumi Adesina, the President of the African Development Bank (AfDB) who is on a three day visit to Nigeria, said he would go to the pan-African lender's board next month to seek approval for an initial $1 billion loan for Nigeria as the country grapples with its first recession in more than 20 years.

The money will help Nigeria revamp its power and agricultural sectors and also develop its infrastructure. It is his first official visit to the country since his appointment as president of AfDB last year.
The loan also comes at a time when Nigeria, Africaís biggest economy, has been going through a recession due to the fall in oil prices. In addition, its currency is falling, inflation is above 17 percent and the country is suffering from a lack of foreign currency.


Adesina, a former Nigerian agriculture minister, said that the loans will move the country away from a reliance on oil revenue and focus on other productive sectors like agriculture and agro-industrial sectors and to small and medium enterprises (SMEs), an important job creator.
"What is needed is not only to spend your way out of the recession but to also incentivize your way out of the recession," Adesina told a news conference following his meetings with President Muhammadu Buhari and his Economic Management Team.


Nigeriaís Finance Minister Kemi Adeosun said that the loan has been a great economic relief to the country and that most of the sectors that the bank is focusing on are the very sectors that Nigeria would like to focus on to grow its economy.
"What we have to do is to make sure that the money we borrow is used on the key infrastructure that will drive the economy," Adeosun said.


 

 

Nigeria Single Treasury Acct TSA boost revenue collections as FAAC shares N511bn

Started by mastercode

Replies: 0
Views: 502
Last post August 30, 2015, 04:07:58 PM
by mastercode
Tony Elumelu launches Empowerment Fund to revitalize Nigeria distressed areas

Started by admin

Replies: 0
Views: 635
Last post October 17, 2014, 01:11:34 PM
by admin
Fuel scarcity - okonjo iweala accused Oil marketers of holding Nigeria to ransom

Started by mastercode

Replies: 0
Views: 724
Last post May 04, 2015, 09:43:56 AM
by mastercode
IRAN - US Deal - Nigeria May Lose N333 billion in crude oil revenue By Year End

Started by mastercode

Replies: 0
Views: 453
Last post July 21, 2015, 01:50:49 PM
by mastercode
President Buhari Tells NNPC New Boss - Recover all Stolen Nigeria Oil Money

Started by mastercode

Replies: 0
Views: 364
Last post August 05, 2015, 05:01:21 PM
by mastercode
President Buhari hails British support for repatriation of Nigeria?s stolen fund

Started by mastercode

Replies: 0
Views: 429
Last post October 07, 2015, 08:26:29 PM
by mastercode
APC React to PDP call for buhari's Resignation amid Nigeria 2016 missing Budget

Started by newspostng

Replies: 0
Views: 384
Last post January 15, 2016, 10:27:53 AM
by newspostng
FirstBank sustains support for Nigeria Association of the Blind on White Cane Da

Started by admin

Replies: 0
Views: 405
Last post October 15, 2014, 07:07:30 PM
by admin
ARMS DEAL: Finally, South Africa returns seized $15m to Nigeria

Started by mastercode

Replies: 0
Views: 464
Last post October 25, 2014, 09:41:20 PM
by mastercode
Nigeria's first lady, Patience Jonathan denies asking Governor Amaechi for money

Started by mastercode

Replies: 0
Views: 447
Last post October 26, 2014, 11:12:26 PM
by mastercode