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UPDATE 1-Nigeria talking to World Bank and others to raise $6.5 bln

Published 24/06/2020, 13:22
© Reuters.

(Adds details)
By Chijioke Ohuocha
ABUJA, June 24 (Reuters) - Nigeria is in discussions with
the World Bank and other multilateral lenders to raise $6.5
billion, the finance ministry said in a document seen by Reuters
on Wednesday.
The coronavirus outbreak and a sharp fall in oil prices have
magnified headwinds in the Nigerian economy, triggering a
historic decline in growth and large financing needs.
The central bank has put Nigeria's balance of payment gap at
$14 billion for 2020 and said that a wider deficit will be
funded through a combination of reserves and financing from
multilateral lenders.
Finance Minister Zainab Ahmed told an investor call on
Tuesday that the World Bank will meet on the Nigerian funding
request on Aug. 6 and that the government was also in talks with
regional lender Afrexim Bank for a new loan, according to
someone on the call.
In the presentation document seen by Reuters, Ahmed said the
government needed $6.5 billion, did not plan to issue a Eurobond
this year, and would draw $150 million from its sovereign wealth
fund to augment revenue disbursements.
In April the International Monetary Fund (IMF) approved $3.4
billion in emergency financial assistance for Nigeria to support
its response to the coronavirus pandemic.

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