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Nigeria accepts $3.45 billion World Bank loan for development projects

Wale Edun revealed that the Nigerian government would proceed to accept the $3.5 billion loan, which comes with a zero-interest rate.

The Federal Executive Council (FEC) under President Bola Tinubu's leadership has approved a hefty $3.45 billion loan. The decision was made during a FEC meeting held on Monday, October 23, 2023.

Speaking to the press after the meeting, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed that the Nigerian government would proceed to accept the $3.5 billion loan, which comes with a zero-interest rate.

The repayment period spans 40 years, with an initial 10-year moratorium, making the payments scheduled to commence from 2033.

Edun expressed his gratitude for the unanimous approval from the FEC. He elaborated, “Today at the Federal Executive Council, I presented five memos which were gracefully approved by the Council. They had to do with concessional and, in many cases, zero-interest financing by the World Bank and the International Development Association, which is the very concessional financing arm.”

The allocated funds are designated for a range of vital projects encompassing various sectors. These include significant ventures in the power sector, renewable energy, states’ resource mobilisation program, adolescent girls’ initiative for learning and empowerment, and a women’s empowerment project.

One of the notable projects is the adolescent girls’ initiative for learning and empowerment, which has been allocated a substantial $700 million. This program aims to equip young girls within secondary school age with essential skills, ensuring their holistic development alongside their academic achievements.

Minister of Education, Dr Tahir Mamman, highlighted the expansion of the girls’ initiative. He stated, “Initially, from seven participating states, we will now have about 11 additional states participating in this project, which will lead to the empowerment of girls between 10 to 20 right across the participating states.”

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