The World Bank has said that a total of $2.2 billion in new loans has been approved for the Federal Government of Nigeria in 2025.
According to the World Bank’s project list, the $2.2 billion will be allocated across six different projects.
The global financial institution has earmarked $500 million for the ‘Community Action for Resilience and Economic Stimulus Programme,’ which is set for approval on March 17.
Additionally, on March 31, the World Bank plans to approve $552 million for the ‘HOPE for Quality Basic Education for All’ and $800 million for ‘Accelerating Nutrition Results in Nigeria 2.0.’
Similarly, the Washington-based financial institution stated that it will approve $300 million for the ‘Solutions for the Internally Displaced and Host Communities Project’ on July 15 and another $300 million for the ‘Health Security Program’ on August 19.
It was also noted that another project, ‘Building Resilient Digital Infrastructure for Growth (BRIDGE),’ will receive $500 million upon approval on September 15.
According to the World Bank, the BRIDGE initiative and the Health Security Programme are currently in the concept review stage, indicating that they are still in the early stages of assessment and planning.
Meanwhile, the ‘Accelerating Nutrition Results in Nigeria 2.0’ and ‘HOPE for Quality Basic Education’ projects have progressed to the negotiation stage.
The multilateral lender provided Nigeria with $1.5 billion in 2024 for several key development initiatives aimed at strengthening the country’s resource mobilization and economic stability.
On November 19, 2024, Nigeria’s loan exposure from the World Bank’s International Development Association (IDA) rose to $17.1 billion.
According to the IDA’s financial statement for September 2024, Nigeria ranked third on the list of the top 10 borrowers.
As of December 31, 2024, Nigeria’s exposure had dropped to $16.8 billion, but the country retained its position as the third-largest debtor to the World Bank’s IDA.