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Germany,Nigeria : NIGERIA expects $200 MILLION soft loan from GERMANY for economy development

June 16, 2014

The Minister of Finance, Dr Ngozi Okonjo-Iweala announced that the Federal Government is looking for $200 million soft loan from the German Government to build a development bank, as Nigeria had excellent relations with Germany and would want it to support growth and development in strategic areas of its economy.

A Development Bank of Nigeria was required to guarantee long-term loans for development of the country, she said.

One of the areas is industrial revolution plan, which we have just launched. We think that we need to manufacture more things in Nigeria because we have a large market, said the minister, We think that Germany can be of great assistance to us in sharing knowledge with us on how it has been able to organise itself to have the right skills at the right industries.

She added, We want to know, if we are going into manufacturing, how we can do that. The second area is that we admire the way that you built your development bank.

The Minster stated that the economy had maintained a stable macro-economic framework with debt to GDP ratio of one per cent with the rebased GDP .

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Source: TendersInfo (India)

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