African Development Bank Will Loan Nigeria $4.1 billion in 2016/2017

The African Development Bank is looking to provide a total of $4..1 billion to Nigeria over the course of 2016 and 2017, its president said on Monday.

President of the Bank, Akinwumi Adesina said the funds would be used to develop the power and agriculture sectors in the west African country, which has slipped into recession for the first time in over 20 years, largely due to low oil prices.

Adeosun said Nigeria had asked for a $1 billion loan to help cover its 2016 budget deficit. She said it would be concessional and carry an interest rate of 1.2 percent.

Adesina later said the pan-African lender was looking to provide $4.1 billion over 2016/2017 and will lead to a total of $10 billion in investments into Nigeria by 2019.