…Lent $240m to World Bank in 1974; $120m to IMF in 1975
In the mid-1970s, Nigeria occupied a position few developing countries could boast of. Flush with oil revenues and rising foreign reserves, the country was not seeking financial assistance from international institutions; it was helping to finance them.
In 1974, Nigeria invested $240 million in World Bank bonds, effectively providing resources that the institution could deploy for development…