Finance Minister Wale Edun has announced that the new administration has secured a $1.5 billion zero-interest loan from the World Bank.

Minister Edun disclosed the World Bank financing deal to reporters after the FEC meeting concluded in Abuja on Monday. He stated that the FEC approved Nigeria’s application to the World Bank’s International Development Association (IDA) lending arm.

The IDA offers low or zero-interest loans to developing countries. Minister Edun explained that Nigeria qualified for the preferential IDA financing by taking difficult steps to restore fiscal balance and spur macroeconomic stability.

In addition to the $1.5 billion World Bank package, Edun noted the FEC approved $80 million in African Development Bank funding for the Ekiti Knowledge Zone project. This initiative will empower Nigerian youth through technology training and participation in the knowledge economy.

The Tinubu government sees attracting financing from multilateral institutions as key to empowering young people and diversifying the economy.