The Federal Government says it has negotiated a fresh $2.2 billion single-digit interest loan from the World Bank.
The Minister of Finance, Wale Edun, made the announcement during a press briefing at the conclusion of Nigeria’s participation in the World Bank/International Monetary Fund Spring meeting in Washington DC.
Edun stated that the loan package, which is akin to a grant with its favourable terms of a 10-20 years moratorium and approximately 1% interest, marks a crucial step towards economic revitalization.
He added that the African Development Bank is providing further budget support through low-interest funding.
Edun outlined various initiatives to attract foreign exchange inflows, including tapping into diaspora remittances, foreign portfolio investments, and engaging with international development partners.
He also highlighted the issuance of dollar-denominated securities targeted at Nigerians abroad and those with foreign-denominated savings within Nigeria as a strategy to bolster forex reserves.
The collaboration between fiscal and monetary policies was underscored by Edun, who noted the alignment of government securities’ interest rates with the Central Bank of Nigeria’s monetary policy rate.
He said this concerted effort aims to address inflationary pressures and stimulate forex inflows, thereby fostering economic stability and growth.
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