Despite the ocean of debt Nigeria is trapped in, the government under Chief Bola Tinubu‘s leadership is poised to acquire a substantial $2.2 billion loan from the World Bank.
Minister of Finance, Wale Edu, confirmed this development during a press briefing following Nigeria’s participation in the World Bank/International Monetary Fund Spring meeting in Washington DC, United States.
Edu outlined the various avenues through which the Nigerian economy is receiving international funding, including diaspora remittances, foreign portfolio investments, and support from international development partners like the World Bank and the African Development Bank (AfDB).
He stated, “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 of what you can call ‘the closest you can get to a free lunch’- virtually a grant. It’s for about 10- 20 years moratorium and about 1% interest.
“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 added.
To attract more foreign exchange inflows into the country, the government is considering issuing dollar-denominated securities aimed at Nigerians in the diaspora and individuals with foreign-denominated savings in Nigeria.
These measures align with efforts to complement recent monetary policy reforms implemented by the Central Bank of Nigeria. #Tinubu
