Nigeria seeks $3.5B in loans from World Bank & AfDB

Muhammadu Buhari, President of Nigeria

Nigeria’s government is in talks for concessionary loans worth $3.5 billion from the World Bank and African Development Bank to help finance a planned record budget this year, Finance Minister Kemi Adeosun said.

While discussions are going on, a formal request hasn’t yet been made to the World Bank for $2.5 billion and the AfDB for $1 billion, Adeosun said. The government plans to tie them to specific capital projects, she said. A request hasn’t been made for assistance from the International Monetary Fund.

Read more: Nigeria Seeks $3.5 Billion in Loans From World Bank, AfDB – Bloomberg Business