Nigerian Govt Seeks Fresh U.S.$2.5 Billion World Bank Loan

Hafez Ghanem, World Bank's Vice-President for Africa, says the organization is in talks with the Nigerian government for a U.S.$2.5 billion concessionary loan. In the past year, Nigeria has received U.S.$2.4 billion from the World Bank, but faced shortfalls in revenue, due largely to the drop in oil revenues. 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.

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