BREAKING: World Bank approves fresh $500 million loan to Nigeria for economic stimulus program 

According to information obtained from the bank’s website on Sunday, the approval, which took place on March 28, 2025, marks a significant step in addressing Nigeria’s economic challenges through expanded access to livelihood support, food security services, and grants for poor and vulnerable households and firms.

The project, officially titled the NIGERIA: Community Action (for) Resilience and Economic Stimulus Program, aims to provide essential support to households affected by economic downturns and to bolster community resilience.

It will target vulnerable populations, offering grants to both households and small businesses to mitigate the impact of economic hardships.

The loan approval is expected to significantly enhance Nigeria’s efforts to stimulate the economy through grassroots support, particularly amid ongoing challenges such as inflation and high living costs.

The stimulus package will focus on improving food security and economic opportunities for communities hit hardest by recent economic fluctuations.

In addition to the $500 million loan approved for the Community Action Program, two more loans are expected to be approved this week.

So far, about 11 different loan projects have been approved by the World Bank under the administration of President Bola Tinubu.

The International Bank for Reconstruction and Development (IBRD), another arm of the World Bank, is owed $485.08 million, or 1.13%.