President Bola Tinubu's government has successfully negotiated a $2.25 billion loan from the World Bank under highly favorable conditions, announced Wale Edun, the Minister of Finance, during a press briefing in Washington DC. This development occurred at the conclusion of Nigeria's participation in the World Bank/International Monetary Fund Spring meeting.
Minister Edun described the loan as offering "the closest you can get to a free lunch," highlighting its extremely low single-digit interest rate and generous terms. The loan agreement specifies a 40-year duration with a 10-year moratorium on repayments and an interest rate of about 1%, terms that Edun likened to "virtually a grant."
In addition to the World Bank loan, Edun mentioned that Nigeria is set to receive budgetary support and access to low-interest funding from the African Development Bank. He also noted that the country is actively engaging in ongoing discussions with foreign direct investors across various sectors. These financial developments are part of broader efforts by President Tinubu's administration to bolster Nigeria's economic standing and facilitate growth through international partnerships and improved fiscal policies.
0 Comments