Nigeria receives fresh $2.25bn World Bank Loan

The Nigerian Government of Nigeria says it has secured a single-digit interest loan worth $2.25 billion from the World Bank.

The package offers a 40-year term with a 10-year moratorium and a nominal 1 percent interest rate.

Wale Edun, the Minister of Finance, made this known in Washington DC, the United States during a press briefing at the end of Nigeria’s activities at the World Bank/International Monetary Fund Spring meeting.

He said Nigeria has qualified for “a total package of $2.25 billion,” which he described as the “closest you can get to a free lunch.”

Saying it is “virtually a grant,” Edun added that the loan is “for about 40 years, 10 years moratorium and about 1% interest”.

He said Nigeria will also benefit from budgetary support and “low-interest funding from the African Development Bank,” adding that there are “ongoing discussions with foreign direct investors across many sectors.”

This development follows the country’s recent slide from being Africa’s largest economy to fourth.

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