Nigeria in talks with World Bank for $2.5bn loan

Nigeria in talks with World Bank for $2.5bn loan

- Nigeria and the World Bank are in talks over a $2.5 billion concessionary loan

- Hafez Ghanem, the world bank executive who disclosed this, said Nigeria also received $2.4 billion from the bank in 2018

- Meanwhile, the bank executive insisted that the World Bank would support Nigeria’s digital transformation

The federal government of Nigeria is in talks with the World Bank over a $2.5 billion concessionary loan. This was disclosed by Hafez Ghanem, the vice president of the bank.

He also disclosed that Nigeria received $2.4 billion from the bank in 2018.

“We’re talking about a new set of programmes of about the same amount, it should be about $2.5bn,” Bloomberg quoted him to have said.

“It’s important to resolve the problems of the power sector in Nigeria to bring in more investments. Because you need to bring down the cost of power to make the economy more competitive for the development of industries.

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“Nigeria has a comparative advantage in that area because of the youth, a majority of the population is young. So if we want to create jobs, we need to invest much more in the digital economy.”

Going further, the bank executive also insisted that the World Bank would support Nigeria’s digital transformation.

According to him, digital transformation has the ability to transform other areas of the economy including industry, agriculture and services.

Meanwhile, the National Information Technology Development Agency (NITDA), on Thursday, September 19, in Lagos, urged Nigerians to leverage on internet technology to improve on ease of doing business.

The director-general of NITDA, Kashifu Abdullah, made the appeal at the opening of “Internet Summit 2019” with the theme “The Internet as an Alternative Source of Income”, organised by the Nigeria Internet Group (NIG), an NGO.

Recall that had reported that the Federal Executive Council (FEC) approved N8.2billion for four road projects across the country.

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