Nigeria: World Bank Loan Worth Billions of Dollars Revealed

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The World Bank is set to approve $1.13 billion in loans for Nigeria by the end of March 2025, as part of its efforts to support the country’s economic resilience, health security, and education reforms. Three key projects are currently in the negotiation phase, including the Accelerating Nutrition Results in Nigeria 2.0 programme, valued at $80 million, which aims to improve nutrition outcomes among vulnerable groups.

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The Community Action for Resilience and Economic Stimulus Programme, worth $500 million, is expected to provide economic stimulus for community-driven initiatives, strengthening economic resilience and growth. The HOPE for Quality Basic Education for All programme, with proposed funding of $552.2 million, seeks to improve the quality of basic education by addressing infrastructure deficits and enhancing teacher training.

These loans come at a time when Nigeria is facing economic challenges, including foreign exchange liquidity constraints and mounting debt servicing obligations. The Federal Government is likely to secure six new loans totalling $2.23 billion from the World Bank in 2025, bringing Nigeria’s total approved loans to $9.25 billion over three years.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasised that the government is prioritising alternative funding sources, such as revenue generation and concessional loans. “We are at that optimisation stage, where there is less focus on borrowing, particularly from the commercial markets, which is quite high. We are focusing more on optimising assets and attracting private sector investment, whether domestic or foreign,” Edun said.

Despite concerns over Nigeria’s rising debt burden, the World Bank’s financial commitments to the country have consistently grown, from $2.7 billion in 2023 to $4.32 billion in 2024, and an anticipated $2.23 billion in 2025. Nigeria remains the third-largest debtor to the World Bank’s International Development Association, with a total debt of $17.32 billion.

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