Africa’s biggest producers turn to World Bank
Nigeria 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.
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