World Bank in talks with Buhari’s Administration for fresh $2.5b loan

The World Bank and Nigeria are in talks for about $2.5 billion in a new tranche of concessionary lending to Nigeria, the bank’s Vice President for Africa

To ease the mounting debt burden, Nigeria has sought more credit with low interest and long repayment periods from institutions including the World Bank and the African Development Bank.

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