HomeNewsNigeria Borrows $2.25bn Loan From World Bank

Nigeria Borrows $2.25bn Loan From World Bank

Nigeria’s Minister of Finance, Wale Edun, has said the country has just secured a $2.25 billion World Bank loan.

Interest on the loan is fixed at 1 percent.

Edun broke the news at the annual meetings of the International Monetary Fund (IMF) and World Bank Group on April 20.

Disclosing that the loan was approved by the board of directors of the World Bank, he said it offered a 40-year term, a 10-year moratorium, and a 1 percent interest rate.

The Minister said: “If you look at the fact that 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.

“There is no such thing as a free lunch but it is the closest you can get to free money. It is virtually a grant. It is about 40 years, 10 years moratorium and about one percent interest. That also is part of the flow that you can count.”

According to him, Nigeria also secured similar budgetary support and low-interest funding from the African Development Bank (AfDB).

Edun said: “Clearly, there are also ongoing discussions with foreign direct investors. Some of these things take longer than you expect but they are relatively advanced discussions on major foreign direct investments flows into the country, specific transactions with specific companies, institutions, and authorities.”

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