Home News World Bank to Approve $2.2 Billion Loan for Nigeria in 2025

World Bank to Approve $2.2 Billion Loan for Nigeria in 2025

February 27, 2025

The World Bank is set to approve a $2.2 billion loan for Nigeria in 2025, aimed at supporting six key development projects across various sectors.

Breakdown of the Proposed Funding:

Community Action for Resilience and Economic Stimulus Programme: $500 million (Approval expected on March 17)
HOPE for Quality Basic Education for All: $552 million (Approval expected on March 31)
Accelerating Nutrition Results in Nigeria 2.0: $800 million (Approval expected on March 31)
Solutions for Internally Displaced and Host Communities Project: $300 million (Approval expected on July 15)
Health Security Program: $300 million (Approval expected on August 19)
Building Resilient Digital Infrastructure for Growth (BRIDGE): $500 million (Approval expected on September 15)

The BRIDGE initiative and Health Security Program are currently in the concept review stage, undergoing initial assessment and planning. Meanwhile, the Accelerating Nutrition Results in Nigeria 2.0 and HOPE for Quality Basic Education projects have advanced to the negotiation stage.

In 2024, Nigeria secured $1.5 billion from the World Bank to support economic stability and resource mobilization. As of September 30, 2024, Nigeria’s loan exposure from the International Development Association (IDA) stood at $17.1 billion, ranking it as the third-largest borrower. By December 31, 2024, this exposure slightly decreased to $16.8 billion, but Nigeria maintained its third-place position on the World Bank’s list of top debtors.

The anticipated approval of these loans is expected to bolster Nigeria’s economic recovery and development efforts, addressing critical areas such as education, health, and digital infrastructure.