The government of Nigeria has formally thanked the African Development Bank ( AfDB ) for supporting the country with $1 billion during the 2015-2016 economic recession.

President Muhammadu Buhari expressed his appreciation at the commissioning of the AfDB Nigeria Country Complex in Abuja on Thursday.

Represented by Vice President Yemi Osinbajo at the event, President Buhari thanked the president and Board for their support to Nigeria at a very difficult time during the 2015 and 2016 economic recession.”

The President said: “When we requested support from the bank, the response was swift. The bank approved a budget support loan of $1 billion in November 2016.”

“The first $600 million has been fully disbursed and utilized and in my discussions with the president of the bank, we will be getting the remainder in form of sector loans. So we are looking forward to the remaining $400 million.”

The approval by the AfDB, he said sent a much needed positive signal to the market at a critical time for Nigeria and for this “we would always remain grateful to the African Development Bank.”

President Buhari noted that AfDB has evolved into one of the most efficient vehicle for economic development and integration for the African continent and has faithfully played its role as a trusted adviser and honest broker on the continent.