Nigeria Secures $1.5bn World Bank Loan and $80m AfDB Grant, Approves Labour Agreement

The Federal Executive Council (FEC) meeting on Monday discussed the issues of the economy and approved the application for financing from the World Bank and the African Development Bank (AfDB).

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, told State House Correspondents that President Bola Tinubu’s administration has secured $1.5 billion zero-interest loan from the World Bank’s International Development Association (IDA).

He said that the country was able to access the loan because of its macro-economic reforms and fiscal discipline.

‘’Nigeria has been able to make the kind of macro-economic moves to take the tough decisions to restore balance in the economy and in the government’s finances that have warranted support.

“This had engendered support from the multilateral development banks.

‘’It is on this basis that the World Bank is willing to consider and to process on our behalf $1.5 billion of concessional financing, relatively cheap financing and financing that will be dispersed relatively quickly,’’ he said.

Edun also said that another $80 million in grant from the AfDB was approved by the FEC for the Ekiti Knowledge Zone (EKZ) project aimed at empowering the youths in the sector of Knowledge Economy through technology and communications generally.

He said, ‘’This is basically to support young people and their quest to take on technology to use it to be employed, to be trained and to benefit from being part of the knowledge economy.

This is being part of the technological wave that is present very much in Nigeria, which is becoming a bigger and bigger share of the economy.’’

The Minister of Labour and Employment, Simon Lalong, also briefed the state house correspondents on the approval of the agreement between labour and the government during the October 2 meeting.

‘’Presidential approval was given after analysing the agreement to provide for industrial harmony. Similarly, the 30 days implementation timeline agreed on was also approved by FEC,’’ he said.

Newsflash Nigeria is an online newspaper that is developed and written exclusively for Nigerians. It’s packed with up-to-the-minute Local and National Economy News, Share & Capital Market, Health, Sports, Education, Technology, Business and Opinions.

To make further advert enquiries or place an order, please contact us at [email protected] and +2348053316946 and WhatsApp number 08033546732