Speaking at a press briefing during the World Bank/International Monetary Fund Spring meeting in Washington DC, the Minister of Finance, Wale Edun, announced that the Nigerian Government is poised to secure a $2.2 billion loan from the World Bank, with single-digit interest rates.
Edun also disclosed that the Nigerian Government is set to receive an additional budget support facility from the African Development Bank (AfDB).
Speaking on the sources of international funding for the Nigerian economy, Edun listed diaspora remittances, foreign portfolio investments, and facilities from the World Bank and other international development partners.
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, which is the closest you can get to a free lunch – virtually a grant. It comes with about 10 to 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 there are ongoing discussions with foreign direct investors across many sectors.”
Edun also highlighted the issuance of dollar-denominated securities, specifically targeted at Nigerians in the diaspora and those with foreign-denominated savings in Nigeria, as another measure to attract forex inflows into the country.
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