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.

(Reporting by Felix Onuah; Writing by Chijioke Ohuocha; Editing by Mark Heinrich)