The Federal Government of Nigeria anticipates receiving a $2.2 billion single-digit interest loan from the World Bank and additional budget support from the African Development Bank (AfDB). Minister of Finance, Wale Edun, made this announcement during a press briefing at the conclusion of Nigeria’s participation in the World Bank/IMF Spring Meetings in Washington DC.
Edun highlighted various sources of international funding for Nigeria’s economy, including diaspora remittances, foreign portfolio investments, and support from international development partners. The $2.2 billion loan from the World Bank is described as nearly a grant, with a 10 to 20-year moratorium and approximately one percent interest.
In addition to the World Bank loan, the government expects low-interest funding from the AfDB and is engaged in discussions with foreign direct investors across various sectors. Edun also mentioned plans to issue dollar-denominated securities targeted at Nigerians in the diaspora and those with foreign-denominated savings in Nigeria.
Source: Daily Trust