Nigeria Suffers Great Set Back As AfDB Makes U-Turn ,Recalls $400m Loan To The Country

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African Development Bank (AfDB) has called off a $400 million loan to Nigeria that would have helped fund the country’s budget, Reuters reports.

The money has been redirected to specific projects, a vice president at the lender said yesterday.

The AfDB had been in talks with Nigeria for around a year to release the second, $400 million tranche of a $1 billion loan to shore up its budget for 2017, as the government tried to reinvigorate its stagnant economy with heavy spending.

But Nigeria has not met the terms of the international lenders, which also included the World Bank, to enact various reforms, including allowing its currency, the naira, to float freely on the foreign exchange market.

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