During the annual meetings of the International Monetary Fund (IMF) and World Bank Group on April 20, Minister of Finance and coordinating minister of the economy, Wale Edun, announced that Nigeria has secured a $2.25 billion World Bank loan with a 1% interest rate. Edun disclosed that the loan was approved by the World Bank's board of directors, offering a 40-year term, a 10-year moratorium, and a one percent interest rate.
Edun emphasized the significance of the loan, describing it as virtually a grant due to its favorable terms. He also mentioned that Nigeria secured similar budgetary support and low-interest funding from the African Development Bank (AfDB). Additionally, he noted ongoing discussions with foreign direct investors for major investment flows into the country.
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