The World Bank is expected to approve a total of $1.13 billion in loans for Nigeria by the end of March 2025.
These funds are aimed at bolstering the country’s economic resilience, improving health security, and advancing education reforms.
According to information published on the World Bank’s website, three key projects for Nigeria are at the stage of negotiation, with approval dates set for this month.
Key Details:
- Loan Breakdown:
- Accelerating Nutrition Results in Nigeria 2.0: Valued at $80 million, this program focuses on improving nutrition outcomes, particularly for vulnerable groups, by enhancing access to essential dietary support and reducing malnutrition rates.
- Community Action for Resilience and Economic Stimulus Programme: With a commitment value of $500 million, this initiative aims to provide economic stimulus for community-driven projects to strengthen economic resilience and growth.
- HOPE for Quality Basic Education for All: Proposed funding of $552.2 million is allocated to address infrastructure deficits, enhance teacher training, and increase educational accessibility across Nigeria.
- Approval Timeline: The loans are currently in the negotiation phase, with approval dates set for March 2025.
- Economic Context: This financial support comes as Nigeria grapples with challenges such as foreign exchange liquidity constraints, fiscal deficits, and rising debt servicing obligations.
These loans are part of the World Bank’s ongoing commitment to supporting Nigeria’s development and reform agenda.
Get instant and latest news updates via Our WhatsApp Community, X/Twitter or Google News online channel.