Nigeria wants to borrow at least $1 billion from the World Bank and to sign within months for a $1.3 billion loan from China to fund railway projects, Finance Minister Kemi Adeosun said on Tuesday.
Africa’s biggest economy needs to plug a gap in its record 7.3 trillion naira ($23.17 billion) 2017 budget, which boosts capital expenditures by a quarter to end its first recession in 25 years due to low oil prices.
The government has been in talks with the World Bank for a year and wants to finalise this month a reform proposal necessary for a loan application, according to officials.
“We expected to borrow at least $1 bln dollars,” Adeosun told CNBC when asked about the talks with the Washington-based bank.
“There is also some possibility of doing sector specific intervention in the power sector, they are working very closely with us on power,” she added,…
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