Nigeria is expecting a fresh $2.2 billion single-digit interest loan from the World Bank and another budget support facility from the African Development Bank (AfDB).
This is according to the Minister of Finance, Wale Edun.
He made this known in a press briefing at the end of Nigeria’s activities at the World Bank/IMF Spring Meetings in Washington DC in the United States.
Edun listed diaspora remittances, foreign portfolio investments and facilities from the World Bank and other international development partners, as sources of international funding for the economy.
The minister said the loan had a moratorium of 10 to 20 years at about one percent interest.
He said there was similar budgetary support – low-interest funding – from the African Development Bank (AfDB) and, clearly, and there were also ongoing discussions with foreign direct investors across many sectors.”
Edun also mentioned issuing dollar-denominated securities specifically targeted at Nigerians in the diaspora and those with foreign-denominated savings in Nigeria as another measure to attract forex inflows into the country, saying the federal government hoped to issue the bonds later this year.
