Investing.com - Financial Markets Worldwide

UPDATE 1-Nigeria's senate approves external loans worth $2.7 bln

Published 21/04/2021, 15:56
© Reuters.

(Adds details)
By Camillus Eboh
ABUJA, April 21 (Reuters) - Nigeria's senate approved on
Wednesday taking external loans worth $1.5 billion and 995 mln
euros ($1.2 billion) from the World Bank and Brazil.
Nigeria is taking on the debt to try to curb the economic
hit of the coronavirus pandemic, which last year pushed the
country, Africa's largest economy, into a recession from which
it began to slowly recover in the fourth quarter of 2020.
The financing includes two $750 million loans from the World
Bank, the first for fiscal support for Nigeria's 36 states and
the second to offset the pandemic's impact on livelihoods,
including food security, and to stimulate economic recovery.
The Export-Import Bank of Brazil is lending Nigeria 995
million euros to help the agricultural sector.
"The borrowings are largely concessional loans with low
interest rates and a reasonable moratorium and payback period,"
the senate said in its report on the funding request.
($1 = 0.8321 euros)

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.