World Bank agrees to give Nigeria $2.5bn loan

Ebun Francis

On the condition that the Country reform it’s current forex regime, the World Bank has agreed to give Nigeria $2.5bn loan.

The news of the approval of the loan for the country was broken Wednesday by Business Day one of Nigeria’s leading Business publication on its tweeter handle. The bank said that the first tranche of $1.5bn will be released after the reformation of Nigeria’s forex market by the Central Bank of Nigeria.

The Federal Government opened negotiation with the World bank in January 2016 for the loan.

Kemi Adeosun, Nigeria’s minister of finance, had at various times explained that the loan was required to bridge the N1.8trn  deficit in the budget, and also to fund infrastructural projects.

 

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