The Federal Government has secured a $2.2 billion single-digit interest loan from the World Bank and is expecting another budget support facility from the African Development Bank.

This was disclosed by the Minister of Finance, Wale Edun, after Nigeria’s activities at the World Bank/International Monetary Fund Spring meeting in Washington D.C. United States.

According to Edun, the World Bank facility carries a 10- to 20-year moratorium and an attractive interest rate of around 1%.

He added, “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.”

He emphasized that the administration is prioritizing diaspora remittances, foreign portfolio investments, and facilities from international development partners like the World Bank to attract funding for the Nigerian economy.

Written by:

Leave a Comment

Your email address will not be published. Required fields are marked *