The African Development Bank plans to lend Nigeria $500 million this year, part of a $1 billion support programme. Bode Oyetunde, AfDB executive director representing Nigeria and São Tomé and Príncipe, said the loan could gain approval before year-end.
Oyetunde praised Nigeria’s “bold and aggressive” macroeconomic reforms under President Bola Tinubu, saying they justified continued financial backing from the bank. “Nigeria requested $1.5 billion, and we can provide $1 billion over two years,” he said, noting last year’s $500 million support.
The West African nation has pursued sweeping economic changes since Tinubu assumed office in May 2023, aiming to stabilise public finances. Fuel subsidies have been removed, foreign exchange rates unified, and tax reforms launched, all intended to attract investment and strengthen growth.
Oyetunde added that the AfDB will emphasise fiscal discipline and power sector reforms as part of its multi-year support strategy. The programme reflects international confidence in Nigeria’s reform trajectory, signalling both financial assistance and a vote of policy confidence. Analysts say these steps could bolster investor trust, reduce fiscal deficits, and accelerate the country’s long-term economic transformation.