Nigeria to ‘Easily’ Get $3.5 Billion Foreign Debt, Moody's Says
- International financial institutions ready to support nation
- Economy to expand up to 2.5% this year after 2016 contraction
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Nigeria will easily achieve its target of $3.5 billion foreign borrowing in 2017 as improved oil output helps the economy to recover from last year’s contraction, the first since 1991, Moody’s Investors Service said.
“The international financial institutions are ready to support Nigeria,” Aurelien Mali, a vice president and senior analytical adviser for Africa at the ratings company, said by phone on Wednesday. “As long as its project-based lending, the funding will be available from lenders such as the African Development Bank, and the budget support from the World Bank will come on top of that.”