The Federal Government of Nigeria has secured $2.25 billion loan from the World Bank.
Finance Minister Wale Edun revealed this significant milestone during a press conference at the IMF and World Bank spring meetings in Washington D.C.
The loan, with a 40-year term, 10-year moratorium, and a nominal 1 percent interest rate, is poised to provide critical financial support to Nigeria’s economy.
Edun highlighted the importance of revenue generation, particularly from oil, aiming to boost production to 2 million barrels per day. Nigeria is also exploring avenues to bolster its foreign exchange reserves and attract investment, including leveraging remittances from the diaspora community through a diaspora bond.
According to Edun, this move aims to tap into the substantial financial resources of Nigerians abroad to foster economic growth and development.
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