Home Business World Bank Approves $2.25bn Loan For Nigeria
Business

World Bank Approves $2.25bn Loan For Nigeria

Share
World Bank Approves Fresh $700m Loan for Nigeria
Share

Wale Edun, Nigeria’s minister of finance and coordinating minister of the economy announced Thursday night the approval of two major financial support packages by the World Bank.

 

The loans are part of President Tinubu’s ongoing efforts to stabilise the economy, reposition it for sustained and inclusive growth, and provide urgent support to the poor and vulnerable, the minister said.

ATTENTION: Click HERE to join our WhatsApp group and receive News updates directly on your WhatsApp!

 

“We have undertaken bold and necessary reforms to restore macroeconomic stability and put Nigeria on a path to sustainable and inclusive economic growth. We welcome the support of the RESET and ARMOR programs as we further consolidate and implement our policy reforms, consistent with accelerating investment and using public resources more sustainably to achieve our development goals,” Edun said in a statement released by the ministry of finance today.

READ ALSO: FG in Talks with World Bank to Boost Fibre Optic Capacity to 125,000km

The Minister of Finance had announced intentions to get the loan at the spring meetings of the International Monetary Fund and the World Bank in April.

 

Ousmane Diagana, the World Bank Vice President for Western and Central Africa said Nigeria’s comprehensive macro-fiscal reforms are placing the country on a new path that can stabilize the economy and lift people out of poverty.

 

“It is essential to maintain the momentum of these reforms and continue to provide support to the poor and vulnerable to mitigate the impact of the cost-of-living crisis. This financing package strengthens the World Bank’s strong partnership with Nigeria and supports efforts to rejuvenate the economy and expedite poverty reduction, serving as an example for Africa,” Diagana said in the statement released by the ministry of finance.

 

Share
Related Articles
Why Telcos Must Hike Tariffs – Minister | Daily Report Nigeria
Business

Why Telcos Must Hike Tariffs – Minister

The Minister of Communication and Digital Economy, Dr. Bosun Tijani, has explained...

Naira Depreciates Further Against Dollar at Black Market | Daily Report Nigeria
Business

Naira Depreciates Further Against Dollar at Black Market

The Naira has continued its depreciation against the dollar at the parallel...

FG, States Share N907bn June FAAC Revenue
Business

FAAC: FG, States, LGAs Share N1.703 Trillion January 2025 Revenue

FG, States, and Local Government Councils have shared a total of N1.703...

FG to Review Electricity Tariffs for Band B, C Customers Amid Disparities | Daily Report Nigeria
Business

FG to Review Electricity Tariffs for Band B, C Customers Amid Disparities

The Federal Government has announced plans to review electricity tariffs for Band...