Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, has announced that the World Bank board of directors will consider a loan of $2.25 billion for Nigeria within the next two weeks.
The minister made this disclosure during an interview on Channels Television’s ‘Sunday Politics’ programme on June 3.
Edun highlighted the favorable terms of the loan, stating that Nigeria qualified for the $2.25 billion loan with a remarkably low interest rate of 1 percent.
“In two weeks’ time, the board of the World Bank will consider a $2.25 billion package for Nigeria of, like I say, virtually free money or almost grant funding,” he said.
A significant portion of the loan, $1.5 billion, is earmarked as a ‘development policy operation’. This funding is intended to recognize and support the efforts made to stabilize Nigeria’s economy and steer it towards growth.
“Essentially, it is in recognition of what has been done to stabilize the Nigerian economy and get it back on the path to growth and the funding will come virtually immediately,” Edun explained.
“At least, the one part of it will come virtually immediately after that board meeting.”
The minister emphasized the absence of stringent conditions attached to the loan, describing it as a testament to the effective utilization of multilateral development banks for Nigeria’s benefit.
“The loan has a very low interest rate and is not being given under conditionalities,” he confirmed.
Expressing confidence in the forthcoming disbursement, Edun underscored the strategic advantage of engaging with multilateral development banks. “We know how to use the multilateral development banks to our advantage,” he noted, highlighting the proactive measures taken by the government to secure such favorable funding.
