Nigeria Secures $2.25bn World Bank Loan
Afnews Editor
Apr 21, 2024
Nigeria Secures $2.25bn World Bank Loan
READ ALSO: Faith Leaders React to Alleged Political Moves Threatening Abia Unity
The Federal Government of Nigeria has announced its qualification for a loan from the World Bank, totaling $2.25 billion.
READ ALSO: Bring Back Cashless Policy, Naira Will Increase Value - Yul Edochie Begs Tinubu
Wale Edun, the finance minister, unveiled this milestone during a joint press conference held by the Ministry of Finance and the Central Bank of Nigeria (CBN) at the spring meetings of the International Monetary Fund (IMF) and the World Bank in Washington D.C.
READ ALSO: 7 Online Money Traps Young Nigerians Are Falling Into
He said the package, approved by the Board of Directors of the World Bank, offers a 40-year term with a 10-year moratorium and a nominal 1 percent interest rate.
Edun 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 the total package of $2.25 billion of what you can call, I mean, if 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 for about 40 years, 10 years moratorium and about 1% interest. So that also is part of the flow you can count.ÔÇØ
READ ALSO: Don't judge us by results of August 16 by-election ÔÇè-ÔÇè ADC
https://youtu.be/NtMgPmcRDv8
READ ALSO: Hon. Buba Calls For Calm Over The Alleged Impeachment Of Adamawa APC Chairman
He added that Nigeria is set to benefit from budgetary support and low-interest funding from the African Development Bank, noting that negotiations with foreign direct investors are also underway.
READ ALSO: B00M: Orji Kalu Reveals How Abia APC Members Are Hobnobbing With PDP |READ MORE DETAILS
Edun addressed concerns about debt sustainability by emphasizing the pivotal role of revenue generation in Nigeria's economic strategy.
READ ALSO: Pastra Arinze Etie Explains How Governor Otti is Ending Revenue Leakages in Abia State
He highlighted oil revenue as a primary source and President Bola Tinubu's ambitious goal to increase oil production from 1.6 million barrels per day to 2 million barrels per day.
READ ALSO: Nigeria's Economy Set to Grow 4.7% in 2026 - Edun Projects Job-Rich, Investment-Led Growth
"These measures are crucial for enhancing our fiscal resilience and ensuring long-term economic stability,ÔÇØ the finance minister said.
READ ALSO: BLACK THURSDAY: Scores Killed As Robbers Attack Bank, Police Station In Kogi |PHOTOS
In a bid to strengthen its foreign exchange reserves and attract investment, Nigeria is exploring innovative avenues with particular emphasis on leveraging remittances from its diaspora community.
READ ALSO: How CBN's New Policy Will Force Banks To Instantly Refund Failed ATM Transactions
The finance minister underscored the immense potential of Nigerians living abroad, acknowledging their substantial financial resources that could significantly benefit the Nigerian economy.
READ ALSO: "The Gates of hell shall not prevail" - Fani Kayode fires Bill, Melinda Gates
https://youtu.be/FeKJNYKBPDk
READ ALSO: Faith Leaders React to Alleged Political Moves Threatening Abia Unity
"There are Nigerians abroad who are thriving financially,ÔÇØ remarked Edun, emphasizing their capacity to make substantial contributions to Nigeria's economic growth and development. SOURCE
Related Stories
Nigeria's Economy Set to Grow 4.7% in 2026 - Edun Projects Job-Rich, Investment-Led Growth
Pastra Arinze Etie Explains How Governor Otti is Ending Revenue Leakages in Abia State
How Trump's Threat Triggered N2.8 Trillion Stock Market Crash In Nigeria - Investors Panic As Confidence Plummets
How CBN's New Policy Will Force Banks To Instantly Refund Failed ATM Transactions
Bring Back Cashless Policy, Naira Will Increase Value - Yul Edochie Begs Tinubu
7 Online Money Traps Young Nigerians Are Falling Into
""
— Afnews Editor