On June 9, 2023, the loan with project ID P174622 received approval, becoming the first World Bank loan to do so under President Bola Tinubu’s new administration.
International Bank for Reconstruction and Development will contribute $449 million and International Development Association will contribute $301 million to the recently agreed supplementary loan.
Over the years, loans have been provided to Nigeria by the World Bank’s International Development Association and International Bank for Reconstruction and Development. The new financing’s duration was also revealed in the paper, from 2023 to June 30, 2027.
Nigeria has the biggest global electricity access deficit, according to the paper justifying the need for the loan. 45 percent of the population cannot access the energy grid (90 million people), making Nigeria the country with the largest number of people not connected to electricity.