The World Bank is scheduled to approve three large loan projects for Nigeria worth $1.65 billion in 2025 as part of efforts to solve the country’s crucial development concerns.
The loans, which are now in the works, will focus on internally displaced people, education, and nutrition.
According to material available on the World Bank’s website, the loans are intended to aid Nigeria’s social and economic recovery, particularly in vulnerable sectors that require immediate intervention.
The first project, Solutions for the Internally Displaced and Host Communities Project, has a $300 million commitment and is expected for approval on April 8, 2025.
The initiative, which is still in the concept assessment stage, aims to provide long-term solutions for internally displaced people and their host communities by tackling social and economic concerns.
The second initiative, HOPE for Quality Basic Education for All, is slated to get $553.8 million in funding.
It is set to be approved on March 20, 2025, and is now in the concept evaluation process.
The third initiative, Accelerating Nutrition Results in Nigeria 2.0, receives the greatest portion of the proposed loans, totalling $800 million.
The World Bank is expected to make a judgement on the project by February 20, 2025.
The $1.65 billion funding package demonstrates the World Bank’s sustained commitment to supporting Nigeria’s reform efforts.
According to the World Bank’s schedule, decisions on these loans will be made in early 2025, with Nigeria’s capacity to meet project conditions and demonstrate accountability in execution playing an important part in receiving the money.
The Nigerian government, led by President Bola Tinubu, has acquired loans worth $6.95 billion from the World Bank in the past 18 months, according to The PUNCH. The amount grew to the new figure following the World Bank’s recent acceptance of a new $500 million loan for a Nigerian project.
Last week Friday (December 13, 2024), the World Bank Group’s Board granted a $500 million loan to Nigeria to improve rural access and agricultural markets in the nation.
According to the Washington-based agency, the loan would be used to fund the Rural Access and Agricultural Marketing Project—Scale Up.
It is intended to bridge the gap between rural settlements and the larger marketplace, allowing for easier access to agricultural markets, schools, and hospitals while also encouraging social cohesion among rural residents.
This was the World Bank’s tenth loan project during President Tinubu’s administration.
The $750 million Power Sector Recovery Performance-Based Operation was the first project approved by Tinubu’s administration.
This loan is intended to provide extra financing for the power sector recovery performance-based operation, which is an important component of Nigeria’s overall strategy to stabilise and improve the power sector.
On June 27, 2023, the World Bank Group approved a $500 million loan to help Nigeria drive women’s empowerment.
This was the bank’s second loan approval during Tinubu’s leadership. It increased funding for the Nigeria for Women Programme.
