Nigeria seeking $2.25 billion in World Bank loans

Nigeria has said it is seeking up to 2.25 billion dollars in World Bank loans, in a statement by Finance Minister Wale Edun.

Speaking following the IMF/World Bank spring meetings in Washington D.C. at the weekend, Edun said the Nigerian government is also aiming to issue diaspora bonds later this year to attract foreign exchange into the country.

The World Bank loans would comprise 1.5 billion dollars in development policy financing and 750 million dollars in programme-for-results financing.

The bank's board is expected to meet in June to approve the request, Edun said.

Nigeria has faced a foreign exchange shortage that pushed its naira currency to record lows versus the US dollar this year, though it has since rebounded.

The country is also dealing with record debt, high unemployment and large central bank financing although the finance minister said recently the government had halved federal borrowing from the central bank.