Nigeria to borrow from Japan, China

The Nigerian government has approved plans for external loans from the World Bank, China and Japan.

It specifically said Nigeria would take loans from institutions such as the World Bank, African Development Bank, Japan International Cooperation Agency, and Export-Import Bank of China, Bloomberg reported on Thursday.

This will include low-cost and long-term loans with interest rates of 1.25 per cent and maturity of 20 years, according to comments posted on its Twitter.

According to the Presidency, the government is now waiting for lawmakers to approve the plans.


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