- The World Bank has granted Nigeria a loan of $1.5bn.
- The loan was delayed until certain conditions were met.
- The loan to be used to strengthen the public sector, amongst others.
Nigeria has very recently been granted a loan by the World Bank. The loan is for the sum of USD$1.5bn.
The loan has since been sought by the country but was refused by the World Bank until certain conditions were met. Some of the conditions necessary for the loan grant include the removal of fuel subsidy, exchange rate flexibility, the removal of subsidy on electricity tariffs, amongst others.
The World Bank said that the grant is a five-year country partnership framework (CPF) from 2021 to 2024. The money is to be used for economic diversification, human capital investments, job creation, and strengthening the public sector.