World Bank to give $2.5bn loan to NigeriaWorld Bank to loan Nigeria $2.5bn

World Bank to give $2.5bn loan to Nigeria

The International Bank for Reconstruction and Development, known as the World Bank and one of the 5 arms of the World Bank Group has agreed to give loan to Nigeria $2.5bn.

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World Bank to loan Nigeria $2.5bn

The International Bank for Reconstruction and Development, known as the World Bank and one of the 5 arms of the World Bank Group has agreed to give loan to Nigeria $2.5bn.

The loan to Nigeria will be released in tranches. One of the criteria for the release of the first tranche of $1.5bn is a reform of Nigeria’s Forex market.

This agreement takes Nigeria a step closer to securing the World Bank loan as the federal government has been in talks with the bank on the loan since January 2016.

After meeting with the executive of bank in Washington DC last May,  Finance minister, Kemi Adeosun, said the loan to Nigeria was needed to make up for the N1.8trn deficit in the budget, and to fund infrastructural development.

“We had discussions with the World Bank around our budget support request and we have been able to have very productive meetings to understand what the next steps are in the process and we are very positive of a good outcome,” she had said.

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