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Business News of Wednesday, 27 July 2022


Nigerian govt most difficult client - AfDB official

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A Senior Special Adviser to the President of the African Development Bank, Prof. Banji Oyelaran-Oyeyinka, has disclosed that the Federal Government (FG) is the bank's most difficult client.

He said this on Tuesday, July 26, 2022 while delivering a keynote address during the 3rd Biennial African Scientific Integration Network Conference hosted by the Centre for Energy Research and Development, Obafemi Awolowo University.

In response to questions about the bank's effort to aid the growth of industries in Nigeria, he revealed that the Board of the bank approved a loan facility for the country but the FG delayed its approval.

“I can tell you we have many projects in Nigeria and I am leading one of them. For the Special Arrangement Industrial Processing Loan, we raised $540m for each zone in Nigeria.

“We raised it, and the board of the AfDB approved it on December 13 but the Ministry of Finance did not sign until June 1. We were begging them to sign. By the way, this loan has less than a one per cent interest rate for 25 years and an eight-year moratorium. It is like someone is giving you money for free.

“Other countries have just one zone and they have been calling to thank us, thank the president, thank everyone for what you have done for us, but in Nigeria, you will be asked why you are pushing too much. We were supposed to launch the project by March 1. The Nigerian government is the most difficult client,” he said.