World Bank may approve four more loan projects of $2 billion for Nigeria this year  

According to findings by Naijaonpoint, these four projects are currently undergoing concept review, an appraisal stage that will lead to further negotiation and approval between Nigeria, which is the borrower and often represented by the Minister of Finance and the World Bank. 

If approved, Nigeria will have secured a total of $4.25 billion in loans from the bank this year alone and a cumulative $6.95 billion under the administration of President Bola Tinubu. 

The proposed loan projects, targeting crucial sectors such as healthcare, agriculture, and infrastructure, are pivotal for the country’s sustainable development and economic stability. 

According to information obtained from the World Bank’s website, each loan project is estimated to receive a net commitment of $500 million from the Washington-based lender.  

In addition to these four projects, the World Bank has scheduled another loan project for next year. The Solutions for the Internally Displaced and Host Communities Project is set to receive $300 million and is scheduled for approval on April 8, 2025.  

The World Bank recently announced the approval of two loan projects aimed at bolstering Nigeria’s economic stability and supporting its vulnerable populations.   

According to a statement from the bank, the combined package, totalling $2.25 billion, comprises the $1.5 billion Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing Program (DPF) and the $750 million Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR). 

So far, Nigeria has secured a total of $4.95 billion in loans from the World Bank under the administration of President Bola Tinubu amid concerns over the country’s rising external debt servicing costs.   

Not less than six loan projects have been approved and they include loans for power ($750 million), women empowerment ($500 million), girl’s education ($700 million), renewable energy ($750 million), economic stabilization reforms ($1.5 billion) and resource mobilization reforms ($750 million), according to findings by Naijaonpoint. 

Data from the external debt stock report of the Debt Management Office (DMO) shows that Nigeria owes the World Bank a total of $15.59 billion as of March 31, 2024.