The World Bank has agreed to give Nigeria $2.5bn loan.
According to Minister of Finance, Kemi Adeosun, the loan is meant to bridge the N1.8trn deficit in the budget, and also to fund infrastructural projects
One of the conditions for the release of the initial tranche of $1.5bn is a reform of Nigeria’s Forex market.
The Nigerian government has been in talks with the bank on the loan since January 2016.
Nigeria should rather seek to develop her Iron and steel industry than building the railways with Chinese steel using Chinese Loan.The railways is very very iron and steel intensive project. Nigeria has good iron-ore which if developed would lead to the development of many projects apart from the railways in Nigeria..It is economic suicide importing Chinese steel to construct .Nigerian railways with loans from CHINA. How mad can we be in Nigeria! Similarly, the installation of vehicle assemblies in Nigeria is an indirect importation of foreign steel. Nigeria would not gain any technology as our roadside mechanics can already build up any vehicles from scrap metals! Most of Nigerian’s foreign exchange goes on importation of iron and steel related items.. ..