As its economy took a hit from slump in oil price, Nigeria is now in talks with the World Bank and African Development Bank (AfDB) for $3.5 billion of emergency loans which it plans to use to plug its budget deficit, Bloomberg reported on January 31st, citing Minister of Finance, Kemi Adeosun. 

“While discussions are going on, a formal request hasn’t yet been made to the World Bank for $2.5 billion and the AfDB for $1 billion since government plans to use these external financings for specific investment projects,” said Miss Adeosun. “Deputies will begin this week talks over the record $30.7 billion (N6,100 billion) budget for 2016,” she added.

This 2016 budget favors the investments planned for the reviving of the economy which has suffered much from the sharp fall in oil price.

First oil producer in Africa, Nigeria gets 70% of its global revenue and 90% of its export revenue from crude. According to Bloomberg’s estimates, Nigeria’s economy grew 3.2% in 2015, its lowest growth rate since 1999.