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Nigeria seeking up to $2.25 bln in World Bank loans

Nigeria seeking up to $2.25 bln in World Bank loans

NIGERIA is seeking up to $2.25 billion in World Bank loans and expects the bank's board to approve the request in June, the government said in a statement following the IMF/World Bank spring meetings in Washington, D.C. Nigeria also aims to issue diaspora bonds later this year to attract much-need foreign exchange into the country, Finance Minister Wale Edun said in the statement. The World Bank loans would comprise $1.5 billion in development policy financing and $750 million in programme-for-results financing, the statement said, adding the bank would meet in June to consider final approval of the package. The World…
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Nigeria not looking to issue Eurobonds, Vice President says

Nigeria not looking to issue Eurobonds, Vice President says

FELIX ONUAH NIGERIA will avoid issuing Eurobonds due to their expense, Vice President Yemi Osinbajo said, and will look at alternative ways to raise funds to support the economy in the face of a looming recession. “We are not likely going to explore again the Eurobond market because we are trying to avoid commercial borrowing,” Osinbajo told journalists in a group interview late on Friday. Nigeria’s economy has been hobbled as the coronavirus pandemic has triggered a crash in the price of oil, its main export, and an exodus of foreign investors. Nigeria is likely to enter recession in the…
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