Nigeria to borrow $6.9 billion to offset pandemic’s impact on economy

Nigeria’s government plans to raise as much as $6.9 billion from multilateral lenders to offset the impact of the COVID-19 pandemic on the economy of Africa’s biggest oil producer.

The state will seek $3.4 billion from the International Monetary Fund, $2.5 billion from the World Bank and a further $1 billion from the African Development Bank, Finance Minister Zainab Ahmed told reporters Monday in the capital, Abuja. The authorities have no plans to enter into an IMF progam, she said.

The government has started talks with multilateral lenders to suspend debt repayments for this year and next, Ahmed said.