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African Development Bank Approves $600M Loan for Nigeria

The African Development Bank said Wednesday that it was loaning Nigeria $600 million to help with a budget deficit of $7 billion. A bank statement Wednesday said another $400 million would be approved next year if the government implemented reforms to economize on government costs, combat corruption and promote diversification in Africa's biggest economy. Nigeria is struggling through its first recession in 20 years, caused by low oil prices, militant attacks that have cut...

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