WRITTEN BY: AFRICAWORLDNEWS
President Bola Tinubu’s administration has successfully secured a significant loan package from the World Bank, totaling $2.25 billion.
The loan, obtained under favorable terms, offers a 40-year term with a 10-year moratorium and a nominal 1 percent interest rate. Wale Edun, the Minister of Finance, unveiled this development during a press briefing in Washington DC, following Nigeria’s participation in the World Bank/International Monetary Fund Spring meeting.
Describing the loan as “virtually a grant,” Edun emphasized its importance for Nigeria’s economic growth, noting that it includes budgetary support and access to low-interest funding from the African Development Bank. Additionally, discussions are underway with foreign investors across various sectors to further bolster Nigeria’s economic prospects.
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