The World Bank has reduced a proposed grant to the Central Bank of Nigeria (CBN) from $10.50m to $6.80m, with board consideration for the project now scheduled for March 27, 2026, according to updated project information reviewed by The PUNCH. The funding remains a grant rather than a loan, meaning it will not add to Nigeria’s external debt burden.
The grant is earmarked for the CBN Technical Assistance Facility, a project aimed at strengthening the apex bank’s technology-enabled and data-driven supervision of the banking sector. It also seeks to improve oversight of domestic payment and remittance systems as Nigeria’s financial landscape becomes more complex and digitally driven.
Updated details on the World Bank’s website show that the project has advanced to the decision meeting stage — the final internal step before approval by the World Bank Group’s board. This represents significant progress from the earlier concept review stage first reported in April 2025, even as the funding size has been revised downward.
Under the revised plan, the entire $6.80m grant will be financed through the Finance for Development Multi-Donor Trust Fund, with no contribution from the International Development Association or the International Bank for Reconstruction and Development. The Central Bank of Nigeria is listed as the implementing agency, with the project designed to integrate advanced tools, data science, and analytics into regulatory and supervisory processes.
While the World Bank did not disclose the reason for the reduction, a senior source at its Nigeria office described the adjustment as routine. According to the source, project design, components, and financing levels are often revised during preparation. If approved next month, the grant will formalise a partnership focused on strengthening the CBN’s supervisory capacity and payment system oversight in Africa’s largest economy, with the project expected to run until February 2029.
source: punch