Nigeria Secures Major Funding Boost from World Bank and AfDB

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During a press briefing at the World Bank/International Monetary Fund Spring meeting in Washington DC, Minister of Finance, Wale Edun, revealed significant financial developments for Nigeria. 

The Nigerian Government is set to receive a substantial grant of $2.25 billion from the World Bank, with favorable terms including a 10-20 years moratorium and a minimal 1% interest rate.

 Edun described this funding as "the closest you can get to a free lunch." Additionally, Nigeria will receive further budget support from the African Development Bank (AfDB). 

Edun highlighted the diverse sources of international funding contributing to the Nigerian economy, including diaspora remittances, foreign portfolio investments, and support from international development partners.

 He emphasized ongoing discussions with foreign direct investors across various sectors, indicating a promising outlook for Nigeria's economic growth and development.


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