World Bank agrees to give Nigeria $2.5bn loan

kemi-adeosun

Minister of Finance, Kemi Adeosun

The International Bank for Reconstruction and Development, better known as the World Bank has agreed to give Nigeria $2.5bn loan.

One of the conditions for the release of the initial tranche of $1.5bn is a reform of Nigeria’s Forex market.

Since January 2016, the federal government has been in talks with the bank on the loan.

After a meeting with the executive of bank in Washington DC in May,  minister of finance, Kemi Adeosun, said the loan was required to bridge the N1.8trn deficit in the budget, and also to fund infrastructural projects.

“We had discussions with the World Bank around our budget support request and we have been able to have very productive meetings to understand what the next steps are in the process and we are very positive of a good outcome,” she had said.