Nigeria is set to receive a $2.5 billion loan from the World Bank, following the confirmation of the country’s eligibility as announced by the Minister for Finance, Mr. Wale Edun.
Categorized by the minister as “virtually a grant,” this loan comes with highly favorable terms, a 40-year repayment timeline, a 10-year moratorium, and a minimal interest rate of one percent.
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The influx of funds is earmarked for Nigeria’s strategies aimed at economic stabilization and resource mobilization, indicating a significant boost to the nation’s financial management and development initiatives.
SOURCE: Business Insider.
