Nigeria Secures Over $1.5bn Fresh W’Bank, AfDB Loans
The Nigerian Government has announced that it has secured two significant loans to support various critical sectors of the economy.
It obtained a budget support loan worth $1.5 billion from the World Bank and an additional $80 million from the African Development Bank.
According to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Nigeria qualified for these loans due to its recent “macro-economic moves” since President Bola Tinubu took office.
The World Bank is providing $1.5 billion through its International Development Association, known for offering virtually interest-free financing.
Edun noted that in today’s high-interest rate environment, this concessional financing is particularly valuable. The funds are expected to be disbursed in a lump sum, rather than gradually, to support the reform efforts.
While some of the effects of recent economic reforms are already visible, Edun noted that there would be a lag between the cause and full effect.
Excel Magazine International reports that the Federal Executive Council approved an $80 million financing from the African Development Bank for the Ekiti Knowledge Zone Project, aimed at supporting young people in technology and the knowledge economy.
The Council also established the Presidential Council on Industrial Revitalization Roadmap, with President Bola Tinubu as its chairperson. This council is divided into 10 subcommittees focusing on various aspects of industrial development and growth.
The FEC approved the creation of a committee to review Free Trade Zone setup, with a goal to stimulate economic benefits from these zones through reforms and incentives.
