The Financial Times reports that Africa’s largest economy, Nigeria has asked for a $3.5 billion loan from the World Bank and the African Development Bank.
Nigeria has failed to suitably cope with the declining price of oil ($31.61 per barrel), a price drop of about 70%. About 1.8 million barrels of oil are produced by the country and 90% of its export revenue comes from the sale of petroleum.
The Finance minister, Kemi Adeosun on speaking to the Financial times said the loans were only a cheap way to shore up the country’s finances rather than being an emergency measure.
The loan package is said to be comprised of $1 billion from the African Development Bank and $2.5 billion from the World Bank. There would reportable be no strings attached to the loan from the IMF(chiefly structural reforms).