Nigeria Secures $1.5 Billion Budget Support Loan from World Bank
The Federal Government of Nigeria has successfully secured a budget support loan amounting to $1.5 billion from the World Bank.
This financial assistance is expected to be received in its entirety before the end of the year, provided that Nigeria fulfills its end of the agreement.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, confirmed this development following a meeting presided over by President Bola Tinubu.
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He clarified that the funds will be sourced from the International Development Association, which is the concessional lending arm of the World Bank.
Edun explained that, in the face of high interest rates worldwide, Nigeria has implemented bold economic measures to restore stability, warranting support from multilateral development banks.
These measures include deregulation of petroleum prices and regulation of the foreign exchange market.
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The government is also anticipating an additional loan of $80 million from the African Development Bank, primarily to finance various critical projects in key sectors of the economy.
This funding will further bolster Nigeria’s efforts in economic recovery and development.
Additionally, the Federal Executive Council approved the creation of the Presidential Council on Industrial Revitalization Roadmap, which will be chaired by President Bola Tinubu. This council will oversee the revitalization of industries across various ministries and agencies.
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The approval also covers the establishment of subcommittees to address critical areas such as consumer credit, trade facilitation, heavy industries, and more.
The committees will work together to formulate policies and guidelines aimed at driving industrial growth, job creation, and overall economic development in line with the government’s agenda.
Furthermore, a committee has been established to review the setup of Free Trade Zones, with the goal of optimizing their economic benefits through necessary reforms and enhancements.
The finance minister emphasized that although some effects of recent reforms have been observed, the full benefits will materialize over time.
The financial assistance from the World Bank and the African Development Bank will significantly contribute to the government’s efforts in revitalizing the Nigerian economy.
