The World Bank is expected to approve a total of $1.13 billion in loans for Nigeria before the end of March 2025.
The funding aims to support economic resilience, health security, and education reforms.
According to the World Bank’s website, three major projects for Nigeria are in the negotiation phase, with approval dates set for this month.
One of the projects, the Accelerating Nutrition Results in Nigeria 2.0 programme, valued at $80 million, is expected to be approved by March 31.
The initiative aims to improve nutrition outcomes, particularly among vulnerable populations, by enhancing access to essential dietary support and reducing malnutrition rates.
Another key project is the Community Action for Resilience and Economic Stimulus Programme, with a commitment value of $500 million.
Expected to receive approval by March 24, this initiative is designed to provide economic stimulus for community-driven initiatives that will strengthen economic resilience and growth.
Additionally, the HOPE for Quality Basic Education for All programme, with a proposed funding of $552.2 million, is in the negotiation stage and is expected to be approved by March 31.
This initiative seeks to improve the quality of basic education by addressing infrastructure deficits, enhancing teacher training, and increasing educational accessibility nationwide.
The potential approval of these loans comes as Nigeria faces economic challenges, including foreign exchange liquidity constraints, fiscal deficits, and mounting debt obligations.
Earlier, reports indicated that the Federal Government is likely to secure six new loans totaling $2.23 billion from the World Bank in 2025, bringing Nigeria’s total approved loans to $9.25 billion over the past three years.
These funds have been used to support infrastructure, healthcare, education, and economic resilience.
While the proposed loans offer much-needed fiscal relief, concerns remain over Nigeria’s rising debt burden.
Data from the Central Bank of Nigeria show that the country has spent $5.47 billion on external debt servicing in the past 14 months.
Finance Minister Wale Edun has stated that the government is prioritizing alternative funding sources, including revenue generation, concessional loans, and strategic investments, rather than increasing debt.
However, Nigeria remains one of the largest debtors to the World Bank’s International Development Association, with outstanding obligations totaling $16.8 billion as of December 2024.
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