Nigeria's cabinet OKs proposed $1.5 billion borrowing from World Bank -finance minister

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ABUJA - Nigeria's cabinet has approved a proposed borrowing of $1.5 billion from the World Bank, its finance minister said on Monday.

Olawale Edu, who is also coordinating minister for the economy, told reporters after a cabinet meeting that the World Bank had agreed to process the concessionary financing. On Friday, the World Bank said it was in talks with Nigeria to provide $1.5 billion in financing, at the request of the government, to support key policy reforms.

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