Finance Minister Wale Edun has announced the Federal Government’s anticipation of a $2.2 billion loan from the World Bank and budgetary support from the African Development Bank.
He revealed this during a press briefing following Nigeria’s participation in the World Bank/IMF Spring Meetings, The funding, sourced from diaspora remittances, foreign portfolio investments, and international development partners, aims to bolster Nigeria’s economic growth.
Additionally, plans include issuing dollar-denominated securities targeted at diaspora Nigerians and individuals with foreign currency savings in the country.
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Efforts to stimulate growth involve aligning government securities closer to the Central Bank of Nigeria’s monetary policy rate and prioritizing sectors such as agriculture, power generation, infrastructure, and housing.
Proposed programs encompass increasing power generation capacity, offering low-interest mortgages, revitalizing social investment initiatives, and executing an economic stabilization strategy.
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However, criticism from Cji regarding past borrowing practices and economic management underscores the importance of focusing on critical sectors like agriculture and infrastructure.
