Why Nigeria Needs $2Billion World Bank Loan – Ngozi Okonjo-Iweala

Coordinating minister for the economy and minister of finance, Ngozi Okonjo-Iweala has rationalized a new $2 billion loan from the World Bank and the African Development Bank (AfDB).

Announcing this in an interactive session with journalists in Abuja, Okonjo-Iweala, the loan was part of the approved 2012-2015 external borrowing plan of the federal government and was in line with its efforts to strengthen the naira.

“We have entered negotiations with international financial institutions, specifically, the African Development Bank and World Bank. You know they have some resources for us already programmed, which is in the borrowing plan,” she said.

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