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World Bank’s loans to Nigeria hit $6.29Bn
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World Bank’s loans to Nigeria hit $6.29Bn

Mfonobong Akpan

The Debt Management Office says loans received by Nigeria from the World Bank has risen to 6.29 billion dollars.

Latest debt figures from the DMO show the World Bank’s total commitment to the country stood at 6.29 billion dollars as at December 31, 2015, as against 3.94 billion dollars as the end of 2011.

This means that within a period of four years, the bank’s portfolio in the country grew by 2.35 billion dollars, representing an increase of 59.64% within the period.

With this development, the World Bank group is Nigeria’s highest external creditor with 58.72% of the nation’s total external debt profile.

Source: channelstv