The Board of Directors of the African Development Bank (AfDB), on Friday, approved a $288.5m loan to help Nigeria tackle the Coronavirus pandemic and mitigate its impact on people and businesses. 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. As of June 5, the country had reported 11,516 Coronavirus cases, 3,535 recoveries and 323 deaths. The loan is the Bank’s initial response to help mitigate the slump in oil prices and its impact on the national economy. Prior to COVID-19 outbreak, Nigeria’s economy was projected to grow by 2.9 percent of GDP in 2020 and further expand by 3.3 percent in 2021.

Source: The Guardian June 07, 2020 04:07 UTC