Nigerias’s $2.25bn Loan: board of the World Bank may issue final approval in June 2024

In news reports, the board of the World Bank would meet in June to consider the final approval of Nigeria’s request for a $2.25 billion single-digit interest financing package, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun has disclosed. Edun announced the financing request at the end of the just-concluded Spring Meetings of the International Monetary Fund (IMF) and World Bank on Sunday. He had stated that the package, approved by the Board of Directors of the World Bank, offers a 40-year term with a 10-year moratorium and a nominal one per cent interest rate. However, a statement issued yesterday, by the Finance Ministry, to shed more light on the matter, stated that Nigeria expects the Board of the World Bank would meet in June 2024 to consider the final approval of the financing package. The statement noted during the recent World Bank and IMF Spring Meetings, Nigeria, under President Bola Tinubu’s leadership, and represented by Edun, showcased the nation’s economic resilience and strategic response to global challenges.