Adedapo Adesanya
By Adedapo Adesanya
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has disclosed that the Board of the World Bank would meet in June to consider the final approval of Nigeria’s request for a $2.25 billion single-digit interest financing package.
Recall that the Minister announced the financing request at the end of the Spring Meetings of the International Monetary Fund (IMF) and World Bank on Sunday.
He had stated that the package, approved by the Board of Directors of the World Bank, offers a 40-year term with a 10-year moratorium and a nominal one per cent interest rate.
In a statement issued by the finance ministry to shed more light on the matter, it was stated that Nigeria expects the Board of the World Bank would meet in June 2024 to consider the final approval of the financing package.
“The Federal Ministry of Finance continues to work closely with the World Bank on Nigeria’s application for up to $2.25 billion, comprising $1.5 billion in Development Policy Financing and $750 million in Programme-for-Results Financing.
“We expect that the Board of the World Bank will meet in June 2024 to consider the final approval of this financing package,” the statement added.
The statement noted during the recent World Bank and IMF Spring Meetings, in Nigeria, under President Bola Ahmed Tinubu’s leadership, and represented by Mr Edun, showcased the nation’s economic resilience and strategic response to global challenges.
“The 2024 Spring Meetings highlighted the global economy’s improved resilience, acknowledged by economic leaders worldwide.
“Despite a global economic environment challenged by high inflation rates and ongoing geopolitical tensions, Nigeria has emerged as a regional leader in promoting sustainable economic practices.
“The bank and the Fund have commended Nigeria’s efforts in tightening monetary policies, revising the country’s growth forecast upwards to 3.4 per cent for this year – a reflection of the effectiveness of the administration’s economic policies,” it added.
The statement explained that on the foreign exchange front, the Central Bank of Nigeria (CBN) has made significant strides in enhancing liquidity and creating a fair, more transparent FX market.
These efforts have been supported by the Ministry of Finance through the strategic issuance of financial instruments through the Debt Management Office (DMO), designed to attract foreign currency inflows, it added.
