The African Development Bank (AfDB) has approved a $500 million loan to support the Federal Government of Nigeria’s Economic Governance and Energy Transition Support Programme (EGETSP II).
The approval, announced on Wednesday in a statement by AfDB’s Communication and External Relations Department, Alexis Adélé, followed a meeting of the Bank’s Board of Directors in Abidjan. The loan will cover Nigeria’s 2024 and 2025 fiscal years.
According to the statement, the facility is aimed at strengthening fiscal policy frameworks, advancing key reforms in the energy sector, and accelerating the country’s climate action efforts.
The programme will focus on three priority areas, beginning with fiscal reforms targeted at improving public financial management to enhance transparency, efficiency, and the overall quality of government expenditure.
