According to reports, Nigeria has been granted a $2.5 billion loan by the World Bank. Since Mr. Wale Edun, the Minister of Finance, disclosed Nigeria’s loan eligibility, a few weeks have passed. Mr. Edun claims that the loan is “virtually a grant” and that it might be disbursed as early as June. Its terms include a 10-year moratorium, a 40-year repayment period, and an interest rate of 1%. The West African country will use the loan for resource mobilization and economic stabilization.
