World Bank to Approve $2.2 Billion Loan for Nigeria in 2025
Nigeria is set to receive a $2.2 billion loan from the World Bank in 2025, aimed at supporting six major development projects. These projects will focus on bolstering the country’s economic resilience, enhancing healthcare and education systems, and expanding digital infrastructure. The funding is designed to foster inclusive growth and address pressing socio-economic issues across Nigeria.
Key projects benefiting from the loan include the Community Action for Resilience and Economic Stimulus Programme, which will receive $500 million, aimed at improving economic stability. Additionally, the HOPE for Quality Basic Education for All initiative and the Accelerating Nutrition Results in Nigeria 2.0 project are set to receive $552 million and $800 million, respectively, to improve access to education and fight malnutrition. A further $300 million is allocated for the Solutions for Internally Displaced and Host Communities Project, which aims to provide relief to displaced populations.
In addition, $300 million will be allocated to Nigeria’s Health Security Programme, scheduled for approval in August, to enhance the nation’s healthcare system. The final initiative, the Building Resilient Digital Infrastructure for Growth (BRIDGE) project, will receive $500 million to foster digital transformation and technological capacity in Nigeria, with approval expected in September.
The World Bank’s continued support for Nigeria follows the $1.5 billion loan granted in 2024 to assist in economic stabilization. With Nigeria’s debt exposure under the International Development Association reaching $16.8 billion in late 2024, experts stress the importance of effective debt management and transparent use of these funds to ensure tangible benefits for the country’s development.
SOURCE: THE SUN