Finance
Nigeria wants to borrow $2.3bn from World Bank and China-Kemi Adeosun
Federal Government of Nigeria wants to borrow $1 billion from the World Bank and sign within months a $1.3 billion loan from China to fund railway projects, Finance Minister Kemi Adeosun has said.
Nigeria’s economy needs to plug a gap in N7.3 trillion 2017 budget, which boosts capital expenditures by a quarter to end the nation’s first recession in 25 years due to low oil prices. Federal government has been in talks with the World Bank for a year and wants to finalise this month a reform proposal necessary for a loan application, according to officials.
“We expected to borrow at least $1 billion,” Adeosun told CNBC when asked about the talks with the Washington-based bank. There is also some possibility of doing sector specific intervention in the power sector, they are working very closely with us on power,” she added, without being more specific.
Nigeria had initially promised to submit an economic plan to the World Bank by the end of December but did not do so, sources told Reuters last month. Adeosun also said Nigeria had been offered by China’s state Export-Import Bank (Exim) a $1.3 billion loan to fund railway projects.
-
Oil and Gas2 days agoNUPRC vows not to approve divestments that doesn’t meet considerations
-
Oil and Gas2 days agoIran eases Strait of Hormuz transit rules amid oil shock
-
Finance2 days agoCardoso seeks collaboration to check cross‑border financial risks
-
Oil and Gas2 days agoCourt orders forfeiture of $13m linked to Aisha Achimugu’s firm
-
Oil and Gas2 days agoOil falls as reports of 15-point proposal spurs ceasefire hopes
-
Economy2 days agoNigeria to launch trade platform at ports as part of reform push
-
Finance2 days agoCourt nullifies CBN’s regulatory intervention in Union Bank in 2024, rules it acted beyond its powers