With the aim of stimulating Africa’s largest economy, the African Development Bank (AfDB) approved a $600 million loan for Nigeria on Wednesday.
According to a Reuters report, the loan will be part of a larger $1 billion stimulus package. In order to qualify for the remaining $400 million, however, Nigeria will have to implement fiscal reforms, Ousman Dore, the AfDB Nigeria director, disclosed.
“The economic recovery plan that the government is working on must be a package of comprehensive reforms, including even exchange rate policy, the consistency with regards to the monetary policy and structural reforms,” Mr. Dore said.
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He explained that if Nigeria implements such reforms, the remaining $400 million could be approved by the bank early next year.
Nigeria entered a recession in August of this year, largely due to its overdependence on crude oil, the price of which has been plummeting since 2014.