Nigeria Seeks $2.25 Billion in World Bank Loans, Plans Diaspora Bonds


Nigeria is actively pursuing financial aid from the World Bank, with a request for up to $2.25 billion in loans awaiting approval from the bank’s board in June, the government announced following the IMF/World Bank spring meetings in Washington, D.C.

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Finance Minister Wale Edun disclosed that Nigeria also intends to issue diaspora bonds later this year as part of its strategy to attract essential foreign exchange into the country.

The proposed World Bank loans consist of $1.5 billion earmarked for development policy financing and an additional $750 million designated for programme-for-results financing, according to the government’s statement. A meeting is scheduled for June to finalize the approval of the loan package.

South Africa, meanwhile, is edging closer to a significant healthcare reform initiative.

The World Bank refrained from immediate comment on Nigeria’s loan request.

Nigeria, traditionally Africa’s largest oil exporter, grappled with a foreign exchange shortage that drove its naira currency to historic lows against the U.S. dollar this year. However, the currency has since shown signs of recovery.

President Bola Tinubu assumed office amidst an economy burdened by record debt, soaring unemployment, and substantial central bank financing. Nonetheless, Finance Minister Edun indicated in a recent interview with Reuters that the government successfully slashed federal borrowing from the central bank by half.

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Godwin Okafor
Godwin Okafor
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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