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Nigeria Pursues $2.25 Billion in World Bank Financing to Bolster Economic Growth

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louis Buyisiwe

Apr 22, 2024

Nigeria also aims to issue diaspora bonds later this year to attract much-need foreign exchange

The World Bank loans would comprise $1.5 billion in development policy financing and $750 million in programme-for-results financing, the statement said, adding the bank would meet in June to consider final approval of the package.
WALE-EDUN-Minister-of-Finance Nigeria

In a strategic move to enhance economic stability and growth, Nigeria is in talks to secure up to $2.25 billion in loans from the World Bank, as disclosed by the government following the recent IMF/World Bank spring meetings held in Washington, D.C.

The proposed financial package, expected to receive approval in June, includes $1.5 billion in development policy financing alongside $750 million in programme-for-results financing.

Finance Minister Wale Edun highlighted the nation's proactive efforts to attract essential foreign exchange, including plans to issue diaspora bonds later this year. These bonds are aimed at engaging Nigerians living abroad in the country's economic development by leveraging their investment in national growth.

Despite challenges such as a foreign exchange shortage that led to a dip in the value of the naira, Nigeria's currency has shown signs of recovery. This rebound is critical as Nigeria remains Africa's largest oil exporter.

The administration of President Bola Tinubu has also inherited significant challenges including record debt levels and high unemployment rates. However, recent measures have seen a reduction in federal borrowing from the central bank by 50%, indicating a robust approach to fiscal management.

The World Bank's potential approval of this substantial loan package in June will play a pivotal role in supporting Nigeria's ongoing economic reforms and development initiatives. These efforts are geared towards building a more stable and prosperous economic landscape for Africa's giant.

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