The World Bank Announces Not To Lend Nigeria

The World Bank Announces Not To Lend Nigeria

The World Bank says Nigeria needs to step up its recovery efforts before approving a $1.5 billion loan.

World Bank Country Director for Nigeria Shubham Chaudhuri made the announcement on Thursday as the dollar continues to weaken in the market, Reuters reported.

Last month, the dollar was sold on the open market for around 500 naira.

In order to recover from the economic crisis triggered by the pandemic and the collapse in crude oil prices on the market, Nigeria is seeking loans.

The loan was approved in June by the Nigerian Senate, although many Nigerians have protested about it.

In 2020, the World Bank also expects the economy of Nigeria to shrink by between 3.2 percent and 8 percent, and government oil revenues could drop by a third or even more than half.

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