Barely a week after the Nigerian economy officially entered into a recession, the Presidency has announced that it would receive loans form the World Bank, China’s Exim Bank, and the Japan International Cooperation Agency.
The loans, according to the presidency, are long-term loans with 1.25 percent interest rates over the space of 20 years and will primarily be used in the agriculture, power, mining development, and health sectors.
The recession which has been worsened but the falling Naira and inflation has been attributed to the plummeting price of oil in the international market.
The government will also look to the African Development Bank for assistance and plans to secure a Eurobond.
According to the Federal Government, the recession was caused by the unchecked corruption and looting that characterized the previous administration of Goodluck Jonathan.
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