The World Bank has reportedly approved a $2.5 billion loan for Nigeria. This news arrives a few weeks after the Minister for Finance, Mr. Wale Edun, revealed Nigeria’s eligibility for the loan. The loan could arrive as early as June and is “virtually a grant,” according to Mr. Edun. It has a 40-year repayment period, a 10-year moratorium, and a one percent interest rate. The West African country intends to use the loan for its economic stabilization and resource mobilization efforts.
SOURCE: BUSINESS INSIDER