The Federal Executive Council (FEC) has granted approval for two significant loans, one from the World Bank and another from the African Development Bank (AfDB). The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that Nigeria secured a $1.5 billion loan from the World Bank's International Development Association (IDA). This IDA loan is considered virtually free or zero-interest financing, which reflects the country's macroeconomic progress and the government's efforts to restore economic balance and fiscal health. Nigeria's financial prudence has garnered support from multilateral development banks, enabling the World Bank to process this concessional financing quickly.
Additionally, the FEC approved an $80 million loan from the African Development Bank for the Ekiti Knowledge Zone (EKZ) project. This initiative aims to empower youth by fostering knowledge economy development through technology and communications. The project will equip young people with the skills and training needed to participate in the knowledge economy, capitalizing on the technological advancements that are playing an increasingly prominent role in Nigeria's growing economy.
These loan approvals align with the government's commitment to economic stability and progress, addressing key aspects such as labor relations, infrastructure development, and export processing zone revitalization. The FEC also decided to hold its weekly meetings on Mondays instead of Wednesdays, ensuring timely discussions of important national matters while allowing flexibility for potential postponements
