The World Bank has approved a total loan of $1.13 billion for Nigeria, aimed at funding projects focused on quality education, household and community resilience, and improved nutrition.
According to details published on the bank’s website on Wednesday, the approval includes three separate financing requests granted in March.
These include an $80 million loan for the ‘Accelerating Nutrition Results in Nigeria 2.0’ project, a $552 million loan for the ‘HOPE for Quality Basic Education for All Programme,’ and a $500 million loan for the ‘Community Action for Resilience and Economic Stimulus Programme.’
The latest approvals come as Nigeria continues to rely on international financial institutions to support its economic and social development efforts.
The federal government had previously announced in February that it expected to receive a total of $2.2 billion in new World Bank loans in 2025, covering six different projects.
Nigeria remains one of the top borrowers from the World Bank’s International Development Association (IDA). As of September 30, 2024, the country’s loan exposure to the IDA stood at $17.1 billion, making it the third-largest debtor to the institution.
However, by December 31, 2024, Nigeria’s exposure slightly decreased to $16.8 billion, but it retained its ranking among the top three borrowers.
The World Bank had earlier provided Nigeria with $1.5 billion in 2024 for various development initiatives aimed at boosting resource mobilization and economic stability. With the latest approvals, Nigeria’s growing debt profile remains a subject of public debate, especially amid concerns over the sustainability of external borrowing and its impact on the economy.
Observers have called for increased transparency and accountability in the utilization of these funds to ensure they effectively address critical areas such as education, nutrition, and economic resilience.
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