Minister of Finance and coordinating minister of the economy, Wale Edun, has revealed that Nigeria has successfully obtained a $2.25 billion loan from the World Bank, featuring a remarkably low interest rate of 1%.
Addressing attendees at the annual meetings of the International Monetary Fund (IMF) and World Bank Group on April 20, Edun announced that the loan received approval from the board of directors of the World Bank. This financing package offers a 40-year term, including a 10-year moratorium period, and an interest rate of one percent.
Edun emphasized, “While there’s no such thing as a free lunch, this loan comes close to it. It’s essentially akin to a grant. With a tenure of about 40 years, a moratorium of 10 years, and an interest rate of approximately one percent, it’s a significant resource for our country.” Additionally, he noted that Nigeria has secured similar budgetary support and low-interest funding from the African Development Bank (AfDB).
Furthermore, Edun highlighted the ongoing discussions with foreign direct investors, indicating promising progress in attracting substantial foreign investment into the country. These discussions entail specific transactions with various companies, institutions, and authorities, signifying significant potential for economic growth and development.
