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Adeosun: AfDB provided us with $1bn support during recession

Adeosun: AfDB provided us with $1bn support during recession
January 18
21:56 2018

Kemi Adeosun, minister of finance, says the African Development Bank (AfDB) provided $1 billion for Nigeria in 2016 when the economy was in a recession.

The minister made this known on Thursday at the commissioning of the bank’s permanent office building in Abuja.

According to a statement signed by Oluyinka Akintunde, special adviser, media and communications to the minister, Nigeria has only drawn $600 million of the provided amount.

“The signalling effect of that singular act gave the country’s foreign reserves the much-needed boost which helped stabilised the Nigerian currency – the naira,” Adeosun said.

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“The African Development Bank has proved to be quite dependable in the Nigeria’s ongoing economic reforms and also ticks all the right boxes of strengthening our recovery efforts.”

“It is in this regard that I will like to put on record Nigeria’s strong desire and demand to host the regional hub of African Development Bank.

“We think being the largest shareholder of the bank since inception, and the country with one of the largest portfolio of its projects, Abuja – Nigeria is the natural and logical place for the bank’s regional hub.

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“Through this investment, the African Development Bank has made Nigeria the first regional member-country to host the Bank-owned office complex.”

The office was commissioned by Vice-President Yemi Osinbajo, who represented President Muhammadu Buhari.

The building is the bank’s first permanent building outside Cote D’Ivoire where its headquarters is.

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