The federal government plans to borrow at
least $1 billion from the World Bank to help haul it out of
recession and plans to present the required economic reform
proposals to the lender this month, Reuters gathered.
Nigeria has been hit hard by a sharp fall in
crude prices since 2014, and has been in talks with the
Washington-based lender for a year to secure a loan to help plug
a yawning budget deficit and fund badly needed infrastructure
projects.
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However, the government has not specified how much money it was
looking to borrow from the World Bank, saying only that it aimed
to raise $5 billion abroad. It was previously also unclear when
Nigeria planned to present its proposed reforms to the lender –
which will not consider a loan before it reviews the plans to
make the economy more resilient and attractive to investment.
The government now plans to present its economic reform
proposals by the end of February, according to government
officials and Western diplomats who declined to be named as they
are not authorised to speak publicly.
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