Nigeria Is Close To Receiving A $1.5bn Loan From The World Bank

Nigerian Finance Minister Zainab Ahmed says the country has met the terms of a loan from the World Bank and is in the final stages of approving it.

Bloomberg News She quoted the minister as saying that the board of directors of the bank would meet in the near future on the $1.5bn loan that Nigeria would like to lend to it and that it would be able to approve the loan at the meeting.

The Nigerian Senate approved the loan in June, although many Nigerians have complained about it.

Naija News recalls that Nigeria’s Finance Minister, Zainab Ahmed had projected the country’s economy to shrink as much as 8.9% in 2020.

The World Bank also expects Nigeria’s economy to shrink by between 3.2% and 8% in 2020, and government oil revenues could fall by a third or possibly more than half.