AfDB Approves U.S $300-Million Loan to Nigeria

28 February 2013
Content from a Premium Partner
African Development Bank (Abidjan)
press release

The Board of Directors of the African Development Bank Group approved Wednesday in Abidjan, Côte d'Ivoire, a loan of US $300 million to finance the Transport Sector and Economic Governance Reform Program and the Nigeria Country Strategy Paper (CSP) for the period 2013-2017.

The loan aims to support the Nigerian Government to accelerate reform implementation in the areas of transport sector governance, and public expenditure management. Reform measures include the establishment of a Federal Road Authority, National Road Maintenance Fund, Road-Tolling Policy, and Axel Load Control Policy.

In the areas of public financial management reform, the program involves the adoption of International Public Sector Accounting Standards (IPSAS), Internal Audit Modernization Plan, Treasuring Single Account (TSA), Government Integrated Public Financial Management (GIFMIS), and Transparency and Compliance in Procurement and Audit Practices.

The program will also create fiscal space for increased investment in road infrastructure development. It is an integral part of a broader set of interventions of the Bank designed to support Nigeria's Transformation Agenda with emphasis to economic governance and infrastructure development.

The Country Strategy Paper outlines the Bank's engagement and assistance to the Federal Republic of Nigeria. It will focus on two strategic pillars, namely supporting the development of a sound policy environment, and investing in critical infrastructure to promote the development of the real sector of the economy. The strategy is aligned with the Government's long term development agenda.

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.