During a joint press conference at the spring meetings of the International Monetary Fund (IMF) and the World Bank in Washington D.C., Finance Minister Wale Edun revealed that Nigeria has qualified for a $2.25 billion loan from the World Bank, described as "virtually a grant" due to its remarkably low 1% interest rate.
The package, approved by the World Bank's Board of Directors, offers a 40-year term with a 10-year moratorium, signaling a significant boost for Nigeria's economic outlook. Edun underscored the importance of revenue generation in ensuring debt sustainability, outlining ambitious targets to ramp up oil production and diversify revenue sources beyond oil.
Amid efforts to bolster foreign exchange supply and attract investment, the government is exploring innovative avenues such as the issuance of diaspora bonds to harness financial resources from Nigerians abroad and foreign currency holdings. Plans are underway to launch the diaspora bond later this year, with expectations of substantial inflows to fuel economic growth and development.
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