Africa’s biggest producers turn to World Bank

Nigerian Minister of Finance Kemi Adeosun said the country had held preliminary talks with the World Bank on borrowing. The announcement comes in the wake of talks between the World Bank and Angola in late January that would potentially see the country secure funding for unspecified reforms.

The drop in oil prices has seen Nigeria’s 2016 budget deficit expand from a forecasted NGN 2.2 trillion to around NGN 3 trillion.
While The Financial Times had reported Nigeria seeking USD 3.5 billion in emergency loans, Adeosun told Reuters on Sunday that the country “had not applied for emergency loans,” saying the talks had been “exploratory.” In a written statement to the news agency, the Nigerian Finance Ministry said it was also considering borrowing from the African Development Bank and export credit agencies.
For more oil and gas news and features o.