Reuters exclusively reports Nigeria’s $1.5 billion World Bank loan delayed over reforms

Reuters exclusively reported that the World Bank is unlikely to approve a much-needed $1.5 billion for Nigeria in August as planned due to concerns over desired reforms. A delay in financing from multilateral lenders could leave Africa’s biggest economy and top oil producer, battered by low crude prices, unable to fully finance a record 10.8 trillion naira ($28.35 billion) budget. The central bank has said Nigeria’s balance of payments gap this year will be $14 billion.