Connect with us

Hi, what are you looking for?

Business

Nigeria Secures $2.25bn World Bank Loan with 1% Interest Rate

Wale-Edun

Minister of Finance and coordinating minister of the economy, Wale Edun has announced that Nigeria has secured a $2.25bn World Bank loan with a 1% interest rate.

Speaking at the annual meetings of the International Monetary Fund (IMF) and World Bank Group on April 20, Edun disclosed that the loan was approved by the board of directors of the World Bank, and offers a 40-year term, a 10-year moratorium, and a one percent interest rate.

The minister 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 a total package of $2.25 billion.

“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 about 40 years, 10 years moratorium and about one percent interest. That also is part of the flow that you can count.”

He added that Nigeria also secured similar budgetary support and low-interest funding from the African Development Bank (AfDB). Edun said; “Clearly, there are also ongoing discussions with foreign direct investors. Some of these things take longer than you expect but they are relatively advanced discussions on major foreign direct investments flows into the country, specific transactions with specific companies, institutions, and authorities.”

Click to comment

Leave a Reply

Your email address will not be published.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

ad

You May Also Like

News

With progress made in accelerating financial inclusion to unbanked and underbanked communities in Nigeria, the Shared Agent Network Expansion Facilities Limited (SANEF) has posited...

Tech

Meta has announced new measures to tackle spammy content on Facebook, aiming to enhance the Feed experience and support authentic creators. These updates are...

News

Nigerians have lost N4.8 trillion ($2.99 billion) to various scams since 2016, according to findings by Paul Alaje, a prominent Nigerian economist and chief...

Tech

MTN Nigeria has announced the rescheduling of the MTN Champs Grand Finale to honour the legacy of its founding Chairman, Mr. Pascal Gabriel Dozie,...