World Bank Grants Nigeria $2.1bn Loan

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The World Bank has reportedly granted Nigeria a $2.1billion loan to be used exclusively for seven projects.
The development bank in a statement Thursday said the projects cut across supporting Nigeria’s investment in nutrition, access to electricity, states’ fiscal transparency, polio eradication, women’s economic empowerment, public finance and national statistics and reducing vulnerability to soil erosion.
It was reported that Nigeria which just recovered from a short but painful recession, is determined to diversify its economy from sole reliance on crude oil by encouraging investments in agriculture and other areas.
Nigeria’s foreign reserves has since recovered from around $28billion and now stands at $47 billion mainly assisted by the return of FDI and the recovery in the price of crude and CBN Governor Godwin Emefiele’s ingenious strategies that has stabilized the naira.

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