The Federal Government on Monday said it will expedite action by working closely with the World Bank on its application for the $2.25 billion loan facility billed for the bank’s approval in June 2024.
The Minister of Finance and Coordinating Minister for the Economy, Wale Edun disclosed this at the closing session of World Bank and IMF Spring Meetings which ended days ago in Washington DC.
Nigera’s fresh bid for $2.25 billion comprises $1.5 billion in Development Policy Financing and $750 million in program-for-results Financing.
Edun was optimistic the Board of World Bank will ratify Nigeria’s loan request at its June 2024 board meeting. Finance Ministry Press statement by Director Information and Public Relations, Mohammed Manga on Monday quoted Edun describing recent World Bank/ IMF Spring meetings as an opportunity for, showcasing the nation’s economic resilience and strategic response to global challenges by the current administration.
“The 2024 Spring Meetings highlighted the global economy’s improved resilience, acknowledged by economic leaders worldwide. Despite a global economic environment challenged by high inflation rates and ongoing geopolitical tensions, Nigeria has emerged as a regional leader in promoting sustainable economic practices.
“The Bank and the Fund have commended Nigeria’s efforts in tightening monetary policies, revising the country’s growth forecast upwards to 3.4% for this year – a reflection of the effectiveness of the administration’s economic policies”.
Speaking to agriculture, manufacturing and electricity, Edun said aims not only to stabilise prices but also to secure food and reduce dependency on imports.
“These initiatives, coupled with the inflation targeting policies of the Central Bank, are expected to reduce inflation by the second half of the year, which would allow for a potential reduction in interest rates.”
The Minister also stated that significant efforts are being made in the housing sector to support the rapid development of sustainable value chains, expected to have a catalytic effect on the economy and make housing more accessible.
New Telegraph
