Nigeria targets $2.25bn World Bank loan at 1% interest rate

The finance minister of Nigeria, Wale Edun, has revealed that the country has qualified to process and get a $2.25 billion loan from the World Bank.

He disclosed this information during a joint press conference of the Ministry of Finance and the Central Bank of Nigeria (CBN) at the spring meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C.

If Nigeria is able to secure this loan successfully, the funds will be used to provide crucial support to the country's economic recovery efforts.

Mr Edun added that the proposed package offers an extended repayment period of 40 years, including a 10-year moratorium, with an interest rate of approximately 1 per cent.

He 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 the total package of $2.25 billion of what you can call.

"I mean if 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 for about 40 years, a ten-year moratorium and about 1 percent interest.

"So that also is part of the flow you can count.”

BEB