Nigeria, through the Federal Government, is set to be awarded a $2.2 billion single-digit interest loan by the World bank.
The nation is also expected to benefit from another budget support facility from the African Development Bank.
This was contained in a statement by the Minister of Finance & Coordinating Minister of the Economy, Wale Edun, during a press briefing which signalled the end of Nigeria’s activities at the World Bank/International Monetary Fund Spring meeting in Washington DC, the United States on Saturd
Edun highlighted diaspora remittances, foreign portfolio investments, and facilities from the World Bank and other international development partners as the sources of international funding for the country.
He stated, “We have qualified for the processing just this week to the Board of Directors of the World bank of a total package of $2.25 billion of what you can call ‘the closest you can get to a free lunch’- virtually a grant. It’s for about 10- 20 years moratorium and about 1% interest.
“In addition, there is a similar budgetary support – low-interest funding from the African Development Bank (AfDB) and, clearly, there are ongoing discussions with foreign direct investors across many sectors.”
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