The World Bank is set to approve a $2.2 billion loan for Nigeria in 2025, spread across six different development projects.
The bank said the funding will support key initiatives in education, health, digital infrastructure, and economic resilience.
The Bretton Woods institution said it earmarked $500 million for the ‘Community Action (for) Resilience and Economic Stimulus Programme,’ which will be approved by March 17.
$552 million has been set aside for the ‘HOPE for Quality Basic Education for All’ which will be approved on March 31.
$800 million is meant for Accelerating Nutrition Results in Nigeria 2.0 with March 31 as the approval date.
$300 million is being earmarked for ‘Solutions for Internally Displaced and Host Communities Project’ with July 15 as time for approval.
$300 million will go into health security programme with approval date slated for August 19.
$500 million will be approved on September 15 for the Building Resilient Digital Infrastructure for Growth (BRIDGE) project.
The BRIDGE initiative and Health Security Programme are still in the concept review stage, meaning they are undergoing initial assessment and planning.
The Accelerating Nutrition Results in Nigeria 2.0 and HOPE for Quality Basic Education projects have advanced to the negotiation stage.
Recall that in 2024, Nigeria secured $1.5 billion from the multilateral lender to support economic stability and resource mobilisation.
Nigeria’s loan exposure from the World Bank’s International Development Association (IDA) rose to $17.1 billion as of September 30, 2024.
According to the IDA’s financial statement for September 2024, Nigeria maintained the third spot in the latest top 10 borrowers’ list.
As of December 31, 2024, Nigeria’s exposure dropped to $16.8 billion, but it still retained its position as the third-largest debtor to the World Bank’s IDA.
