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AfDB, Federal Government of Nigeria sign US $300 Million Loan Agreement

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May 27th 2013 marked the beginning of yet another important relationship between the African Development Bank and The Federal Government of Nigeria. A loan agreement to support the transport sector was signed by the Minister of Finance, Ngozi Okonjo Iweala, and the Resident Representative of the Nigeria Field Office, Ousmane Dore.

The US $300 million will be used as budget support for the transport sector and economic governance reform program over two years. The program’s overarching development objective is to promote inclusive growth through strengthening road transport sector governance and greater transparency and accountability of public financial management. The loan shall contribute to the financing of the budget deficit for the fiscal years 2013 and 2014.

The Minister expressed appreciation of the Bank’s commitment towards sustainable development in Nigeria, saying that the funds will go a long way towards strengthening transport sector reforms.