Monday, September 8, 2025
24.5 C
Lagos

Nigeria Seeking $11bn World Bank Loan

Nigeria is holding talks with the World Bank to help it fund a forecast $11billion budget deficit.

However, Finance Minister, Kemi Adeosun said in a statement that it was not applying for an “emergency loan.”

Nigeria is believed to be looking for around $3.5 billion from the World Bank and the African Development Bank.

Africa’s largest economy has been hit hard by the recent fall in oil prices, and the government needs to find new sources of income to fund its budget.

Last year’s government budget was largely financed by oil revenue.

Ms Adeosun said that “Nigeria, as a member of World Bank Group is entitled to access available funds like every member-country,” but she is also looking at the domestic market as a means to get finance.

“No application for loans has been made. We are simply discussing options for funding [the] 2016 budget,” she added.

Chief Africa Economist for Standard Chartered Bank, Razia Khan told the BBC that going to the World Bank could be attractive as it may offer Nigeria better terms for a loan than it would get from the international money markets.

Nigeria is deliberately boosting spending on infrastructure development to try to boost the economy as it tries to deal with the oil price shock, she added.

The country is also under pressure to devalue the national currency, the Naira, as it tries to cope with the impact of declining oil price.

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

Africa Tax Symposium Set for Uganda May 4

The Africa Tax Symposium is an annual authoritative event,...

NSIA Insurance Unveils Outdoor Campaign to Expand Customer Base

NSIA Insurance Limited has launched its out-of-home campaign which...

Mutual Benefits Assurance Celebrates 22nd Anniversary

Mutual Benefits Assurance Group last weekend celebrated its 22nd...

Lufthansa Loses Europe No.1 Title to Ryanair

Irish LCC Ryanair has once again proven itself a...

NSE President’s Courtesy Visit to DG, SEC

L:R: Mr. Mounir Gwarzo, Director General (DG), Securities and...

‘BREXIT Will Worsen Nigeria’s Struggling Economy’

Following the UK’s surprise vote to leave the EU,...

The PwC Mine 2016 Global Report

2015 was a race to the bottom with many...

Shell Donates N1bn Library to PH Literary Society

A modern e-library donated by Shell to the Port...
spot_img

Related Articles

Popular Categories

spot_imgspot_img