During a press briefing in Washington DC, Minister of Finance, Wale Edun, announced that Nigeria, under President Bola Tinubu’s administration, has secured a significant loan package from the World Bank.
The loan amounts to $2.25 billion and comes with favorable terms, including a 40-year repayment period, a 10-year moratorium, and a nominal 1 percent interest rate.
Edun described the loan as akin to “a free lunch,” emphasizing its near-grant nature. He also mentioned that Nigeria is in talks to receive budgetary support and low-interest funding from the African Development Bank.
Additionally, discussions with foreign direct investors across various sectors are ongoing, indicating further financial support for Nigeria’s economic development.
