The World Bank has sanctioned a $2.25 billion financial support for Nigeria, with the objective of reinforcing the nation’s economy. This initiative is particularly focused on augmenting revenues from non-oil sectors and enhancing the support system for the economically disadvantaged and at-risk groups.
A significant portion of the aid, amounting to $1.5 billion, is earmarked for the Nigeria Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing Program. This program is tailored to provide prompt financial and technical support to bolster Nigeria’s economic stabilization measures, safeguard oil revenue, and ensure fiscal prudence.
The remaining $750 million is allocated to the Nigeria Accelerating Resource Mobilization Reforms Program-for-Results. This segment of the package is dedicated to expediting the mobilization of non-oil resources and fortifying the delivery of essential public services to the nation’s vulnerable citizens.
The World Bank’s loan comes with advantageous conditions, including a 40-year repayment period, a 10-year grace period, and a nominal interest rate of one percent. These terms are conducive to supporting Nigeria’s ongoing reforms and its path toward economic robustness.
This financial assistance from the World Bank is expected to significantly contribute to Nigeria’s persistent efforts in economic reform and poverty reduction. It represents a commitment from the global community to aid Nigeria in achieving sustained economic growth and stability.
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