President Bola Tinubu’s administration announced on Saturday that Nigeria has successfully secured a single-digit interest loan worth $2.25 billion from the World Bank.
According to Wale Edun, the Minister of Finance, Nigeria has qualified for “a total package of $2.25 billion,” which he described as being “as close as you can get to a free lunch.”
The loan package offers a 40-year term with a 10-year moratorium and a nominal 1 percent interest rate.
Edun made this announcement during a press briefing in Washington DC, United States, at the conclusion of Nigeria’s activities at the World Bank/International Monetary Fund Spring meeting.
Describing it as “virtually a grant,” Edun added that the loan is “for about 40 years, with a 10-year moratorium and about 1% interest.”
He further mentioned that Nigeria will also benefit from budgetary support and “low-interest funding from the African Development Bank,” and highlighted ongoing discussions with foreign direct investors across various sectors.”