Nigeria Seeks $1 Billion Loan From World Bank to Support Budget

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Nigeria plans to apply for a $1-billion loan from the World Bank to support this year’s budget once lawmakers approve the government’s spending proposals, Finance Minister Kemi Adeosun said.

The West African nation is also likely to “kick off” its $1 billion Eurobond sale this week, Adeosun told reporters in the capital, Abuja, on Wednesday, as President Muhammadu Buhari’s government tries to fill the funding gap caused by the fall in the price of oil, its main export. She didn’t give more details or say if Nigerian officials will meet global investors before selling the bond.

Nigeria is betting on a proposed record budget of 7.3 trillion naira ($24 billion) this year to lift its economy out of the worst slump in more than two decades amid foreign-currency and fuel shortages. The International Monetary Fund estimates the economy contracted by 1.7 percent in 2016.

The African Development Bank gave Nigeria a $600-million credit facility in November to invest in power generation, roads, rail and ports.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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