THE World Bank and Nigeria are in talks for about $2.5 billion in a new tranche of concessionary lending to Nigeria, the bank’s Vice President for Africa
In the past year Nigeria received $2.4 billion from the World Bank, Ghanem said in an interview in Abuja, on Thursday. “We’re talking about a new set of programs of about the same amount, it should be around $2.5 billion,” he told Bloomberg..
To ease the mounting debt burden, Nigeria has sought more credit with low interest and long repayment periods from institutions including the World Bank and the African Development Bank. “The current economic performance of Nigeria is not enough to reduce poverty,” said Ghanem. “We need to accelerate growth,” saying the World Bank’s focus in Nigeria is to lift about 100 million Nigerians, half of the population, out of poverty, with special emphasis on women’s education, expanding digital opportunities and solving a power crisis that hobbles economic activities.
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