The World Bank plans to evaluate and approve Nigeria’s $2.25 billion loan request in June 2024. The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, made this announcement on Monday, providing information about the loan’s composition and the implications for Nigeria’s development.
The minister stated in Washington that the facility, which he referred to as a “free lunch,” was one of Nigeria’s significant takeaways from the recently finished 2024 Spring Meetings of the World Bank and International Monetary Fund (IMF).
“We expect that the Board of the World Bank will meet in June 2024 to consider the final approval of this financing package,” he said.
Mr. Edun further revealed that the World Bank’s Board of Directors had already accepted the credit, which was presently in the processing phase. He noted the loan’s attractive parameters, which include a 40-year term, a 10-year moratorium period, and a remarkably low-interest rate of one percent. He described the cash as “virtually a grant,” citing its importance to Nigeria’s economic development efforts.
According to the director of information and public relations at the finance ministry, Mohammed Manga, the loan includes $1.5 billion in development policy financing and an extra $750 million in programme-for-results financing.
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