The Federal Government has secured a significant funding boost with a $2.2 billion single-digit interest loan from the World Bank and a budget support facility from the African Development Bank (AfDB).
Minister of Finance, Wale Edun, announced during a press briefing at the World Bank/International Monetary Fund Spring meeting in Washington DC, USA.
Key Highlights:
– $2.25 billion World Bank loan with a 10-20 year moratorium and 1% interest rate – AfDB budget support facility with low-interest funding – Ongoing discussions with foreign direct investors across various sectors – Plans to issue dollar-denominated securities targeted at Nigerians in the diaspora and those with foreign-denominated savings in Nigeria – Collaboration between the fiscal and monetary authorities to tackle inflation and attract forex inflows
“We have qualified for a total package of $2.25 billion from the World Bank, which is virtually a grant with a 10-20 year moratorium and 1% interest. Additionally, we have similar budgetary support from the AfDB and ongoing discussions with foreign direct investors.”
Impact:
This funding boost is expected to support Nigeria’s economic growth and development, with a focus on tackling inflation and attracting foreign exchange inflows. The collaboration between the fiscal and monetary authorities is a positive step towards achieving these goals.
