The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has revealed that the Board of the World Bank is set to convene in June to deliberate on Nigeria’s request for a $2.25 billion single-digit interest financing package. This disclosure came following the conclusion of the Spring Meetings of the International Monetary Fund (IMF) and World Bank.
Edun announced the financing request, which has already been approved by the Board of Directors of the World Bank. The package includes a 40-year term with a 10-year moratorium and a nominal one percent interest rate, offering favorable terms for Nigeria’s economic development initiatives.
Further clarification on the matter was provided by the finance ministry in a statement issued recently. The ministry stated that Nigeria anticipates the Board of the World Bank to convene in June 2024 for the final approval of the financing package. The statement highlighted that the Federal Ministry of Finance is actively collaborating with the World Bank on Nigeria’s application, which comprises $1.5 billion in Development Policy Financing and $750 million in Programme-for-Results Financing.
“We expect that the Board of the World Bank will meet in June 2024 to consider the final approval of this financing package,” the statement affirmed.
The announcement signifies a significant step forward in Nigeria’s efforts to secure essential funding for its development projects. The financing package, if approved, is expected to support various sectors crucial for the country’s growth and socio-economic advancement.
The upcoming meeting of the World Bank Board is expected to provide considerable importance for Nigeria’s economic trajectory underscoring the government’s commitment to fostering growth and prosperity for its citizens as Nigeria continues to navigate economic challenges and pursue avenues for sustainable development, partnerships with international financial institutions such as the World Bank.
