Connect with us


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.

For Diaspora Digital Media Updates click on Whatsapp, or Telegram. For eyewitness accounts/ reports/ articles, write to: Follow us on X (Fomerly Twitter) or Facebook

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.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

Latest Updates

Musawa, Nigerian Minister, blows N3.7b on “research and development”

Slot Arne succeeds Jurgen Klopp as Liverpool coach

ICC wants Hamas leaders, Netanyahu arrested for war crimes

Naira exchange rate for Monday, May 20, 2024, in Nigeria

Iran stock market halts activities after President Raisi’s death in helicopter crash

HURIWA condemns restrictions on Christian worship in Northern Nigerian Universities

DR Congo Army thwarts ‘coup attempt’

Man City win fourth straight Premier League title

A ‘Prophet’ Honoured At Home

Helicopter carrying Iranian President crashes

Subscribe to DDM Newsletter for Latest News