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The World Bank has approved $8.40 billion in fresh loans to Nigeria over the past two years, covering 15 projects across various sectors such as energy, education, healthcare, rural infrastructure, and governance. The approvals, which span from June 2023 to August 2025, include $1.95 billion from the International Bank for Reconstruction and Development and $6.50 billion from the International Development Association.
For further information, read more details here
Breakdown of Loan Approvals:
– Energy Sector: $750 million for the Nigeria Distributed Access through Renewable Energy Scale-up Project to expand private sector-led access to clean and reliable electricity
– Education Sector:
– $700 million for the Additional Financing for the Adolescent Girls Initiative for Learning and Empowerment to improve secondary education opportunities for girls
– $500 million for the HOPE for Quality Basic Education for All Project to improve foundational learning outcomes and strengthen education systems
– Women’s Empowerment: $500 million for the Nigeria for Women Program Scale-Up Project to institutionalize women’s economic empowerment platforms and improve opportunities for unbanked women
– Internally Displaced Persons: $300 million for the Solutions for the Internally Displaced and Host Communities Project to strengthen resilience and expand access to essential services for IDPs and host communities in Northern Nigeria
The World Bank Country Director for Nigeria, Mathew Verghis, expressed support for the initiative, stating, “We are glad to support this initiative, which has tremendous potential to help Nigeria in addressing development challenges associated with protracted displacement in a sustainable way.” The project aims to benefit up to 7.4 million people, including 1.3 million IDPs, by adopting an integrated development strategy aligned with Nigeria’s long-term development vision.
The loan approvals are part of the World Bank’s efforts to support Nigeria’s economic development and poverty reduction goals. However, economists warn that the rising loan pipeline could deepen fiscal pressures if not matched with stronger domestic revenue mobilization and prudent expenditure management
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Jonathan Nwokpor
