World Bank Approves Fresh $1.57 Billion Loan for Nigeria
The World Bank has approved a $1.57 billion loan for Nigeria to support the country’s economic recovery and development.
According to World Bank Country Director for Nigeria, Shubham Chaudhuri, “This loan will help Nigeria address its immediate economic challenges and lay the foundation for sustainable growth.”
The loan is part of the World Bank’s International Development Association (IDA) program, which provides concessional financing to developing countries.
Nigerian Finance Minister, Zainab Ahmed, welcomed the approval, saying, “This loan will enable us to implement critical projects that will stimulate economic growth, create jobs, and improve living standards for our citizens.”
The loan will focus on key areas such as:
<span;>- Infrastructure development
<span;>- Human capital development
<span;>- Governance and institutional reforms
<span;>- Private sector development
The World Bank’s approval comes as Nigeria continues to navigate its post-COVID-19 economic recovery.
“This support will help Nigeria build resilience and promote sustainable development,” said Chaudhuri.
The loan’s terms and conditions, including repayment schedules and interest rates, were not disclosed.
Source: World Bank Press Release