Nigeria Set to Get $1.5bn World Bank Loan Next Week
Samuel Mobolaji
The federal government of Nigeria is poised to receive a significant financial boost from the World Bank, with a $1.5 billion loan expected to be approved by September 26.
This funding is part of the World Bank’s ongoing commitment to supporting Nigeria’s development efforts.
The loan will be allocated to three key projects designed to enhance Nigeria’s economic stability and improve resource mobilization. These initiatives focus on critical sectors including healthcare, agriculture, and infrastructure, all vital for the nation’s sustainable development.
Details reveal that $500 million will be earmarked for the “Nigeria: Primary Healthcare Provision Strengthening Programme.” The World Bank has yet to disclose the total cost of this project.
Another $500 million is set aside for the “Nigeria Human Capital Opportunities for Prosperity and Equity (HOPE) – Governance” project, which has an estimated total cost of $700 million. The third initiative, “Sustainable Power and Irrigation for Nigeria,” will also receive $500 million, despite its total project cost of $10.75 billion.
In addition, the World Bank is considering two other loan requests: the “Rural Access and Agricultural Marketing Project – Scale Up,” which is slated for $500 million by December 16, and the “Solutions for the Internally Displaced and Host Communities Project,” expected to receive N300 million, with an approval date of April 8, 2025.
Nigeria’s external debt to the World Bank continues to rise. In May, the Bureau of Public Enterprises (BPE) announced that the federal government secured a $500 million loan aimed at enhancing electricity distribution.
Prior to that, Nigeria received $750 million for humanitarian and social reforms and another $1.5 billion to support its economic stabilization plan.
Finance Minister Wale Edun recently indicated that the World Bank board would also consider a loan of $2.25 billion for Nigeria in the near future, signaling ongoing international support for the country’s economic recovery efforts.
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