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Nigeria Presidency Approves Borrowing From World Bank, China

  • Plans include 20-year loans with 1.25 percent interest
  • Government waiting for go-ahead from lawmakers to raise debt
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Nigeria’s presidency has approved plans for external borrowing from the World Bank, China and Japan.

Nigeria will take on debt from institutions including the World Bank, African Development Bank, Japan International Cooperation Agency and Export-Import Bank of China, the presidency commented on Twitter.