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The
loan, according to the bank, will bolster the government’s plans to improve
surveillance and response to COVID-19 emergencies, ease the impact on workers
and businesses, and strengthen the social protection system.
Nigeria,
Africa’s most populous nation and the continent’s largest oil producer is
facing twin crises – a health epidemic caused by COVID-19, and an economic
crunch largely occasioned by a global oil price plunge.
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“The loan is the Bank’s initial response to help mitigate the slump
in oil prices and its impact on the national economy. The proposed program will
ensure that the fiscal position and the economy are sufficiently supported to
weather the COVID-19 shocks, thereby limiting its potential adverse impact on
livelihoods and the economy more generally,” Ebrima Faal, Senior Director of the
African Development Bank for Nigeria said.
Prior
to the COVID-19 outbreak, Nigeria’s economy was projected to grow by 2.9% of
GDP in 2020 and further expand by 3.3% in 2021. But with the advent of the
pandemic and the slump in crude prices, the economy is expected to shrink by
between 4.4% under a conservative baseline scenario, and 7.2% should the
pandemic persist to end-2020.
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Faal
said beyond the country’s immediate economic recovery needs, the bank and other
development partners will dialogue with the government on proposals for
medium-term structural reforms to diversify and boost domestic revenues away
from the oil sector.
He
also noted that the bank has instituted strong fiduciary measures to monitor
the use of COVID-19 funds, and will maintain dialogue, particularly with the
Office of the Auditor-General in Nigeria, to ensure adherence to the
transparency and accountability of the funds.
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The
bank’s intervention aligns with its COVID-19 Response Facility (CRF); Ten-Year
Strategy (2013-2022); and High 5 priorities, especially “Improve the quality of
life for the people of Africa”. It is also consistent with the second strategic
pillar of the recently approved Bank’s Country Strategy Paper 2020-2024 for
Nigeria.
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