BUSINESS

World Bank Agrees To Loan Nigeria $2.5bn

The International Bank for Reconstruction and Development, better known as the World Bank has agreed to give Nigeria $2.5bn loan.

Leading business newspaper, Business Day, stated this in a tweet on Wednesday.

According to the paper, The first tranche of the loan is $1.5bn and one of the conditions tied to its release is a reform of Nigeria’s Forex market.

Since January 2016, the federal government has been in talks with the bank on the loan.

After a meeting with the executive of bank in Washington DC in May, Kemi Adeosun, minister of finance, said the loan was required to bridge the N1.8trn  deficit in the budget, and also to fund infrastructural projects.

“We had discussions with the World Bank around our budget support request and we have been able to have very productive meetings to understand what the next steps are in the process and we are very positive of a good outcome,” she had said.

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