Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed at the annual meetings of the International Monetary Fund (IMF) and World Bank Group on April 20, that Nigeria has successfully secured a $2.25 billion World Bank loan.
Approved by the World Bank’s board of directors, the loan features a 40-year term, a 10-year moratorium, and a remarkably low interest rate of 1%. Edun emphasized the significance of this financial support, stating, “It is virtually a grant…about one percent interest.
That also is part of the flow that you can count.”
In addition, Edun highlighted that Nigeria has secured comparable budgetary support and access to low-interest funding from the African Development Bank (AfDB).
He further mentioned ongoing negotiations with foreign direct investors, emphasizing that while such processes can be time-consuming, discussions are well-advanced regarding significant foreign direct investment inflows into the country, involving specific transactions with various companies, institutions, and authorities.