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DAILY BUSINESS NEWS BRIEF – W’Bank Approves $2.1bn Project Support Loan for Nigeria



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W’Bank Approves $2.1bn Project Support Loan for Nigeria
The World Bank Thursday announced its approval of $2.1 billion as project support loan for Nigeria.The concessionary loan is to support the funding of seven projects in key sectors of the country.The cheering news coincided with a warning by the Director, Monetary Policy, Central Bank of Nigeria (CBN), Mr. Moses Tule, that a reduction in the benchmark Monetary Policy Rate (MPR) at this time would throw up a cocktail of fiscal challenges in the economy and create more inflationary pressure.But the World Bank in a statement listed the seven projects its loan would support to include nutrition, access to electricity, states’ fiscal transparency, polio eradication, women’s economic empowerment, public finance and national statistics and reducing vulnerability to soil erosion.Read More…]

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