Elizabeth O.
Edun stated that Nigeria has recently qualified for the loan processing, which is now awaiting approval from the World Bank’s Board of Directors.
This loan package, amounting to $2.25 billion, can be likened to a “free lunch” as it is essentially a grant with highly favorable terms.
The loan is expected to come with a moratorium period of 10 to 20 years, during which Nigeria will not be required to make any principal repayments.
Additionally, the interest rate attached to the loan will be as low as 1%.
If successfully obtained, this financial support from the World Bank will provide a significant boost to Nigeria’s economy and help address various developmental challenges the country faces.
