The Business NG - May 13, 2024

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Today's edition focuses on the recent loan that is been approved, a $2.25 billion
loan to Nigeria .
The loan is to support the country's economic
stability and resource mobilization capabilities.
The loan will be distributed between two projects: the Nigeria Reforms for Economic Stabilization to Enable Transformation
(RESET) Development Policy
Financing (DPF) and the NG Accelerating Resource Mobilization Reforms
(ARMOR) Program-for-Results (PforR).The RESET project will receive $1.5 billion, while the ARMOR project will receive $750 million.

The loan offers a 40-year term with a 10-year moratorium and nominal 1% interest rate.
The funds are expected to bolster Nigeria's efforts in reforming economic policies and enhancing government resource mobilization, essential for the country's long-term financial sustainability and economic
resilience.
Discussions are currently underway between the World Bank and Nigerian authorities to finalize the terms of the loan.
The negotiations are critical as they shape the
financial and operational frameworks that will govern the implementation of the projects. The loan is expected to be approved on June 1