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Home Business News

Nigeria to receive first tranche of World Bank’s $3 billion loan soon

Chidinma Nwagbara by Chidinma Nwagbara
February 10, 2020
in Business News, Politics
Economy: IMF & World Bank differ on Nigeria’s growth outlook, Amid coronavirus spread, World Bank to step down global growth forecast , Nigeria to receive first tranche of World Bank’s $3 billion loan soon, World Bank commits $12 billion to curb coronavirus, defend developing countries’ economy

David Malpass, World Bank

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Nigeria is expected to receive the first tranche of its $3 billion loan request from World Bank as soon as discussions have reached an advanced stage and the world lender has confirmed the approval of the funds.

Reports have it that the first tranche of the loan is about $1.5 billion. According to the Senior External Affairs Officer, Nigeria, Africa External Affairs of World Bank, Mansir Nasir, the bank is currently in talks with the Federal Government.

ECOWAS economy grows by 3.1%, expected to hit 3.3% by end of 2019 , Dangote Refinery would help save $10 billion in forex - FG,, FG monitoring ‘Eco’ adoption by ECOWAS members amidst threat to Naira, CBN, Economy: Will the FG tax reforms support revenues in 2020? , FG exempt tuition fees, basic food items and others from 7.5% VAT, Nigeria’s total debt stock rises to N26.14 trillion  
Mrs Ahmed Zainab

“The Bank is currently working with the Federal Government to prepare the first operation/loan in the package of financing support discussed at the 2019 Annual Meetings in Washington.

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“The first operation/loan is expected to be approved in 2020. However, this is contingent on progress being made on the ongoing preparations with the Federal Government,” Nasir told Daily Trust.

The Media Adviser to the Minister of Finance, Budget and National Planning Mr Tanko Yunusa also confirmed Nasir’s statement. He stated that the meetings were not concluded yet and that once it is done the funds would be disbursed.

[READ MORE: World Bank to lower global growth forecast over Coronavirus outbreak)

Recall that Nairametrics reported when the loan was requested the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed at the annual meetings of the World Bank/IMF in Washington DC, United States of America.

The Federal Government plans to use the funds for the development of transmission and distribution networks to enhance the delivery of electricity and to address some of the challenges that the country is currently facing in the power sector.

“The $3 billion that we are trying to raise from World Bank is for financing the power sector. This financing will include, covering the cost of the gap between what is provided for in the current tariff, and the cost of the businesses,” Ahmed said.

Why this matters: Since the privatisation of Nigeria’s power sector, there have been rising issues in the sector stakeholders are familiar with. Amongst the issues affecting the sector is the lack of adequate funding.


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Tags: Mr Tanko YunusaMrs Zainab AhmedOn the MoneyWorld Bank
Chidinma Nwagbara

Chidinma Nwagbara

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - chidinma.nwagbara@nairametrics.ng

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